https://www.taxtmi.com/caselaws?id=466271 Notional or hypothetical additions made by the assessing officer-a 1% addition on investments and a 12% notional interest on loans-were invalidated because they were unsupported by concrete evidence and the assessee's books of account were not rejected. The ITAT found that assessment under limited scrutiny without conversion to complete scrutiny was improper and that the assessee furnished audited accounts, bank statements and other records which went uncontroverted; applying the principle that income tax targets real income, not notional entries, the appeal was allowed. en-us Fri, 28 Feb 2025 00:00:00 +0530 Sat, 31 Jan 2026 19:28:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=466271 Notional or hypothetical additions made by the assessing officer-a 1% addition on investments and a 12% notional interest on loans-were invalidated because they were unsupported by concrete evidence and the assessee's books of account were not rejected. The ITAT found that assessment under limited scrutiny without conversion to complete scrutiny was improper and that the assessee furnished audited accounts, bank statements and other records which went uncontroverted; applying the principle that income tax targets real income, not notional entries, the appeal was allowed. Case-Laws Income Tax Fri, 28 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466271