Notional income on advances to Sister Concerns cannot be taxed in absence of any provision

ITO Vs Max Ventures Investment Holdings Pvt. Ltd. (ITAT Delhi)

 An addition can be made u/s 69B of the Act where during any financial year the assessee has made investments or is found to be the owner of any bullion, jewellery or other valuable article, which exceeds the amount recorded on this count in the books of account maintained by the assessee for any source of income, and where the assessee offers no explanation about such amount or the explanation of the assessee is found to be not satisfactory by the AO. However,

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