Held, that there could be no accrual of notional or imputed interest, and disallowance of interest paid to the extent of such notional or imputed interest had rightly been deleted by the Commissioner (Appeals). (AY. 2003-04,2006-07 to 2008-09)
Jindal Steel and Power Ltd. v. Add. CIT (2022)97 ITR 516 (Delhi) (Trib)
S. 36(1)(iii) : Interest on borrowed capital-Real income theory-Interest not accrued to assessee for two preceding year-Accepted by the Department-Disallowance of proportionate notional interest is not justified.[S. 145]