Case Law Details
Case Name : Enco Shoes Vs DCIT (ITAT Delhi)
Related Assessment Year : 2012-2013
Courts :
All ITAT ITAT Delhi
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Enco Shoes Vs DCIT (ITAT Delhi)
ITAT Delhi held that notional interest on debit balance of partner’s account not sustainable in absence of information of diversion of interest bearing borrowed funds for non-business purpose. Further, notional interest cannot be charged for taxing in the partner’s debt balance specifically when there is no discussion in the partnership deed
Facts-
The facts noted by AO are that there is debt balance i
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