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Tax alert: Notional interest credited in books of account as per IndAS, not taxable

 

14 June 2024
The Mumbai bench of the Income-tax Appellate Tribunal (ITAT) has rendered its decision that notional interest income credited by the taxpayer in its Profit and Loss account as per the Indian Accounting Standards, which has not actually accrued to the taxpayer, is not liable for taxation under the real income principle.

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