https://www.taxtmi.com/highlights?id=84609 No notional interest was added on interest-free advances as assessee had ample interest-free funds for business purposes. Real income earned can be assessed, not presumptive income without evidence. No interest income could be established on short-term loans and advances from debtors' replies or assessee's accounts. ITAT decided in assessee's favor, disallowing the addition of notional interest. en-us Mon, 06 Jan 2025 08:42:25 +0530 Mon, 06 Jan 2025 08:42:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=84609 No notional interest was added on interest-free advances as assessee had ample interest-free funds for business purposes. Real income earned can be assessed, not presumptive income without evidence. No interest income could be established on short-term loans and advances from debtors' replies or assessee's accounts. ITAT decided in assessee's favor, disallowing the addition of notional interest. Highlights Income Tax Mon, 06 Jan 2025 08:42:25 +0530 https://www.taxtmi.com/highlights?id=84609