Notional Income from Interest-Free Loans is not taxable in the absence of a specific provision in the Income Tax Act: ITAT [Read Order]

Notional Income - Income - Interest-Free Loans - Interest - Loans - taxable - Income Tax Act - Income Tax - Tax - ITAT - Taxscan

The Rajkot bench of the Income Tax Appellate Tribunal( ITAT ) has held that notional income from interest-free loans is not taxable in the absence of a specific provision in the Income Tax Act, 1961. Shri Girish R. Tanti, the assessee is engaged in the business of the generation of power and energy. The return…

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