https://www.taxtmi.com/highlights?id=74486 Revision u/s 263 - addition on account of notional interest @10% on deposit - The High court upheld the concurrent findings of the ITAT and the CIT(A) that no notional interest income accrued to the assessee, after its amalgamation, as per the loan agreement clause. - This decision was based on the principle that income cannot be taxed on a purely notional basis; it must either accrue as per agreement terms or be received by the assessee. en-us Tue, 30 Jan 2024 08:51:47 +0530 Tue, 30 Jan 2024 08:51:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=74486 Revision u/s 263 - addition on account of notional interest @10% on deposit - The High court upheld the concurrent findings of the ITAT and the CIT(A) that no notional interest income accrued to the assessee, after its amalgamation, as per the loan agreement clause. - This decision was based on the principle that income cannot be taxed on a purely notional basis; it must either accrue as per agreement terms or be received by the assessee. Highlights Income Tax Tue, 30 Jan 2024 08:51:47 +0530 https://www.taxtmi.com/highlights?id=74486