Addition towards notional income on advance deleted in absence of specific provision

DCIT Vs Girish R. Tanti (ITAT Rajkot) ITAT Rajkot held that in absence of any specific provisions under the Income Tax Act, notional income on advance cannot be brought to tax. Accordingly, addition deleted. Facts- ROI for the assessment under consideration was filed u/s. 139 of the Act on 29-09-2011 and order u/s. 143(3) of the Act dated 29-3-20 14 originally assessed the total income at Rs. 17,54,953/-. Thereafter, the PCIT-Rajkot by way of order u/s. 263 of the Act dated 18-03- 2016 held that the original order u/s. 143(3) of the Act dated 29- 03-20 14 is erroneous as well as prejudicial to...