Revenue cannot compute notional interest u/s. 13(2)(a) of Income Tax Act

ITO Vs Laxminarayan Mandir Trust (ITAT Mumbai) ITAT Mumbai held that provisions of section 13(2)(a) of the Income Tax Act does not authorise the Revenue to compute the notional interest. Accordingly, addition of notional interest deleted. Facts- The assessee is a religious and charity trust and maintains Laxminarayan Mandir at Vile Parle, Mumbai. The assessee is registered u/s. 12A of the Income Tax Act. The return filed by the assessee was selected for scrutiny and statutory notices u/s. 143(2) as well as Section 142(1) of the Act were issued and served on the assessee. During the assessment ...