https://www.taxtmi.com/caselaws?id=448792 The Gujarat HC upheld lower authorities' findings that no notional interest income was taxable on the assessee's deposit. The loan agreement with M/s. Sanman Holdings Private Limited contained a clause stating that upon amalgamation, merger, or takeover, the borrower's liability to pay interest would cease from the appointed date. Since M/s. Sanman Holdings was amalgamated with M/s. Tanti Holdings Private Limited, no interest accrued to the assessee from 01.04.2010 per the contractual terms. The revision petition was dismissed with no substantial question of law arising. en-us Tue, 09 Jan 2024 00:00:00 +0530 Tue, 30 Jan 2024 07:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448792 The Gujarat HC upheld lower authorities' findings that no notional interest income was taxable on the assessee's deposit. The loan agreement with M/s. Sanman Holdings Private Limited contained a clause stating that upon amalgamation, merger, or takeover, the borrower's liability to pay interest would cease from the appointed date. Since M/s. Sanman Holdings was amalgamated with M/s. Tanti Holdings Private Limited, no interest accrued to the assessee from 01.04.2010 per the contractual terms. The revision petition was dismissed with no substantial question of law arising. Case-Laws Income Tax Tue, 09 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448792