https://www.taxtmi.com/caselaws?id=462892 The ITAT Ahmedabad held that notional interest income cannot be added to the assessee's total income without actual receipt or due interest, as the Income Tax Act does not authorize taxing interest not earned or collected. The addition based on presumption was reversed due to lack of evidence. Similarly, agricultural income was treated as exempt and not reclassified as non-agricultural income since the assessee was primarily an agriculturist and the AO failed to produce evidence of cultivation expenses or sale of produce. The tribunal reaffirmed that agricultural income remains exempt unless contrary evidence is provided, and estimations without supporting material are improper. en-us Fri, 06 Aug 2010 00:00:00 +0530 Wed, 23 Jul 2025 11:57:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462892 The ITAT Ahmedabad held that notional interest income cannot be added to the assessee's total income without actual receipt or due interest, as the Income Tax Act does not authorize taxing interest not earned or collected. The addition based on presumption was reversed due to lack of evidence. Similarly, agricultural income was treated as exempt and not reclassified as non-agricultural income since the assessee was primarily an agriculturist and the AO failed to produce evidence of cultivation expenses or sale of produce. The tribunal reaffirmed that agricultural income remains exempt unless contrary evidence is provided, and estimations without supporting material are improper. Case-Laws Income Tax Fri, 06 Aug 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462892