Section 13(2)(a) doesn’t Authorize Revenue to Compute Notional Interest when No such Interest is charged by Trust: ITAT grants relief to Laxminarayan Mandir Trust [Read Order]

By Sunayana Dhal - On October 10, 2023 3:00 pm - 2 mins read
Compute Notional Interest - Interest is charged by Trust - ITAT - Notional Interest -Interest - Laxminarayan Mandir Trust - taxscan

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) while granting relief to Laxmi Narayan mandir trust held that Section 13(2)(a) of the Income Tax Act, 1961 doesn’t authorize the revenue to compute the notional interest when no such interest is charged by the trust. The assessee is a religious and charity trust and…

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