1975 (8) TMI 61

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.... of notional interest in respect of an advance made by the assessee to his brother Shri Manohar Lal Chopra Proprietor of Hindustan Paints for the asst. yr. 1969-70 2. The respondent assessee is an individual carrying on the business of decorators of buildings. The assessee had declared an income of Rs. 2,403 on account of commission and Rs. 1,188 from interest from Manohar Paints Company. He was ....

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.... amount deposited with Hindustan Paints. On these facts the AAC held that no notional interest could be added to the assessee's income. Accordingly he deleted the addition of Rs. 5,363. 4. On behalf of the Department it was submitted before us that the assessee had received interest in the shape of board and lodging, which was allowed to him by Hindustan Paints and therefore the interest was righ....