Notional interest by ito on advance given without interest..
This query is : Resolved
06 November 2012
Dear Sir,
Company has Given Advances without interest can ITO Add Notional interest in assessment and demand tax on it?
please provide me case law also if any.
Thank You.
Company has Given Advances without interest can ITO Add Notional interest in assessment and demand tax on it?
please provide me case law also if any.
Thank You.
06 November 2012
I think no., i mean, if an advance is for any business transaction.., why would AO have any problem with such advance amount... but yes, such advance, if proven to be the loan given, then there can be problems for the company
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