Addition in Business Income

This query is : Resolved

M.M.SURANA

M.M.SURANA (Querist)
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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

Nikhil Kaushik

Nikhil Kaushik (Expert)
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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?

M.M.SURANA

M.M.SURANA (Querist)
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02 April 2024 the case is selected in CASS and issued 143(2) notice

M.M.SURANA

M.M.SURANA (Querist)
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02 April 2024 the case is selected in CASS and issued 143(2) notice

Nikhil Kaushik

Nikhil Kaushik (Expert)
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02 April 2024 thats okay. but what happened during the hearing?

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