Held that tax notional income credited to profit and loss account in compliance of Indian Accounting standard (Ind AS) cannot be assessed as real income in absence of contractual obligation of repayment . (AY. 2018-19) ( ITA No. 3001 dt . 8 -3 -2024 )
ACIT v. Kesar Terminals and Infrastructure Ltd ( 2024 ) BCAS – June -P. 41 ( Mum)( Trib)
S. 4 : Charge of income-tax – Notional income – Credited to profit and loss account – Accounting standard (Ind AS) – Cannot be assessed as real income .[ S. 143(1)(a), 154 ]
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