Notional interest on interest free advances can not be added
Q Can the Assessing officer add notional interest on Interest free advances ? the Assessing officer made an addition of Rs. 19,32,0001- on account of interest @ 12% on advances of Rs. 1,61 ,00,0001- given to M/s Smart Tourist Pvt. Ltd. The assessee had given an advance of Rs. l,61,00,0001- to M/s Smart Tourist Pvt.… Read More »