Case Law Analysis
|Income Tax Appellate Tribunal
IND AS Notional Interest Not Taxable Under Section 56 | ITAT Delhi Rejects Revenue's Addition, Upholds Accounting Standards : ITAT Delhi
ITAT Delhi rules that notional interest recognized under IND AS cannot be taxed as income under Section 56 of the Income Tax Act. The tribunal also mandates acceptance of documentary evidence reconciling GST and P&L discrepancies if verified by the Assessing Officer, reinforcing the primacy of accounting standards over tax disputes.