https://www.taxtmi.com/caselaws?id=56873 The Tribunal ruled in favor of the assessee, a money-lender, regarding the taxability of notional interest income on advances to related parties. Emphasizing that taxable income must actually accrue, not hypothetically, the Tribunal referenced legal precedents to support its decision. It concluded that no income had materialized from the advances to related parties, thus no tax liability existed for the notional interest income. The appeals by the assessee were allowed, and the additions of Rs. 12,000 in each assessment year were deleted, highlighting the significance of real income realization for tax purposes. en-us Fri, 12 Aug 1983 00:00:00 +0530 Tue, 07 Dec 2010 12:05:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56873 The Tribunal ruled in favor of the assessee, a money-lender, regarding the taxability of notional interest income on advances to related parties. Emphasizing that taxable income must actually accrue, not hypothetically, the Tribunal referenced legal precedents to support its decision. It concluded that no income had materialized from the advances to related parties, thus no tax liability existed for the notional interest income. The appeals by the assessee were allowed, and the additions of Rs. 12,000 in each assessment year were deleted, highlighting the significance of real income realization for tax purposes. Case-Laws Income Tax Fri, 12 Aug 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56873