2007 (8) TMI 277

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....o as "the Act"), has been admitted by this court vide order dated November 23, 2006, on the following substantial question of law : "Whether, on the facts and in the circumstances of the case, the hon'ble Income-tax Appellate Tribunal was justified in law in concurring with the finding of the learned Commissioner of Income-tax (Appeals) that 'notional interest income' cannot be charged to tax, ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... Rs. 14,09,111. In appeal, the Commissioner of Income-tax (Appeals) had deleted the addition/disallowance which order has been upheld by the Tribunal. 5.  We find that the Commissioner of Income-tax (Appeals) had found that the respondent-assessee had paid up capital/ reserve/surplus of Rs. 6.10 crores on which no interest was being paid and therefore interest-free advances made by it are ....