1985 (1) TMI 130

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....f the assessment proceedings the ITO found that the assessee did not charge interest from the debtors against whom an amount of Rs. 2,53,312 has been shown. Since the assessee derived interest income of only Rs. 2,574 the ITO added Rs. 15,000 as income receivable from the above debtors. On appeal before the AAC it was contended that these were trade debtors against which no interest was chargeable....