02 April 2024
dear Expert , In one of my case AO has made addition in Interest receivable @ rate of 9% as difference in market rate from own family members quoting interest charge is lower rate from interest in Market rate without invoking any provision of Incometax Act, simply made addition of 9%. whereas about 3-4 percent interest paying on the loan take from his own family members. Pl suggest me without invoking any provision of section 28 or 56 can he does that on estimate basis
02 April 2024
such additions are often made in TP cases. Was any explanation or intention to make additions were given during the last notice (as it is often done) before the assessment order was issued?
CAclubindia
