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interest free loan given

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Querist : Anonymous

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Querist : Anonymous (Querist)
20 December 2009 can the AO add back notional income on the basis of the fact that no interest has been charged by the company in giving loan to a party just
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CA SURENDRA KUMAR RAKHECHA

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CA SURENDRA KUMAR RAKHECHA (Expert)
20 December 2009 Yes; if it is established that this is not a business need to give interest free advance.
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Querist : Anonymous

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Querist : Anonymous (Querist)
20 December 2009 ok.thanks
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