Notional rental income based on a superseded agreement was deleted where later contractual records substantiated declared rent.

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....Notional rental income was deleted because the earlier rent memorandum had been superseded by an operative agreement, independently confirmed by the tenant and supported by invoices, banking records and tax statements. Booking advances did not constitute ceased or bogus liabilities merely because they remained outstanding; sale and transfer documentation supported their continuity. An opening loan balance could not be treated as unexplained cash credit because no credit arose during the relevant year. A debt written off in the accounts qualified for deduction without proof of actual irrecoverability. Supported repairs and routine business expenses were allowed, but interest on tax deducted at source remained disallowed. Penalty was deleted while the assessment's jurisdiction remained under challenge, subject to lawful reinitiation after the writ petition's disposal.....