M/S.ILAHIYA TRUST,MUVATTUPUZHA,ERNAKULAM vs. THE ACIT,(EXEMPTION), KOCHI

In the result, the appeal and stay application filed by the assessee are dismissed

Bench: Shri Chandra Poojari, Am & Shri George George K, Jm

13(1)(c) of the I.T.Act. Therefore, the CIT(A) is justified in directing the A.O. to treat an amount of Rs.72,45,000 as advance as income of the assessee. The assessee was paying interest on borrowings, and therefore, notional interest at the rate of 18% on the advance of Rs.72,45,000 was rightly brought