Notional interest, clerical reporting errors, and substantiated trade payables cannot be taxed as income.
Notional interest, clerical reporting errors, and substantiated trade payables cannot be taxed as income. Issue Whether notional interest calculated on interest-free business advances can be brought to tax under Section 4 of the Income-tax Act in the absence of a contractual clause or evidence of actual accrual/receipt. Whether an addition to income can be made… Read More »