https://www.taxtmi.com/caselaws?id=795689 Notional rental income is examined against the operative rent arrangement and contemporaneous evidence of actual receipts, including tenant confirmation, invoices, bank credits and tax records. Booking advances retained as capital liabilities require evidence of cessation or falsity before tax treatment, particularly where purchaser confirmations or transferred booking rights support their character. Section 68 applies only to sums credited during the relevant previous year, not brought-forward opening loan balances. A written-off rental debt, substantiated repairs and routine business expenditure are considered on their supporting records, while interest on tax deducted at source is treated as non-deductible. Penalty under Section 271AAC(1) is addressed where the assessment's jurisdictional validity remains pending adjudication. en-us Mon, 29 Jun 2026 00:00:00 +0530 Sat, 25 Jul 2026 08:54:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=795689 Notional rental income is examined against the operative rent arrangement and contemporaneous evidence of actual receipts, including tenant confirmation, invoices, bank credits and tax records. Booking advances retained as capital liabilities require evidence of cessation or falsity before tax treatment, particularly where purchaser confirmations or transferred booking rights support their character. Section 68 applies only to sums credited during the relevant previous year, not brought-forward opening loan balances. A written-off rental debt, substantiated repairs and routine business expenditure are considered on their supporting records, while interest on tax deducted at source is treated as non-deductible. Penalty under Section 271AAC(1) is addressed where the assessment's jurisdictional validity remains pending adjudication. Case-Laws Income Tax Mon, 29 Jun 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=795689