https://www.taxtmi.com/caselaws?id=466716 The note clarifies that where trustees' collective shareholding in a lessee falls below the statutory threshold for related-party attribution, the related-party prohibitions do not apply and an assessing officer cannot replace agreed rent with a notional rent based on a valuation report; this outcome follows binding precedent and absence of distinguishing material. It further prescribes that on a transition to accrual accounting, interest income that accrued in an earlier year but was taxed on receipt in the current year must be excluded from accrual in the assessment year to avoid double taxation, with verification of computations directed. en-us Wed, 05 Feb 2025 00:00:00 +0530 Tue, 17 Feb 2026 19:25:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=466716 The note clarifies that where trustees' collective shareholding in a lessee falls below the statutory threshold for related-party attribution, the related-party prohibitions do not apply and an assessing officer cannot replace agreed rent with a notional rent based on a valuation report; this outcome follows binding precedent and absence of distinguishing material. It further prescribes that on a transition to accrual accounting, interest income that accrued in an earlier year but was taxed on receipt in the current year must be excluded from accrual in the assessment year to avoid double taxation, with verification of computations directed. Case-Laws Income Tax Wed, 05 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466716