PRINCIPAL COMMISSIONER OF INCOME TAX II vs. M/S TRANS ASIA CORPORATION LTD.

Appeal is allowed

reassessment, various additions totalling to Rs.3,04,48,677/- were found, which included addition towards notional interest of Rs.74,30,109/- being not charged by the assessee on loan and advances given to various persons. 4. Being aggrieved by the order of the Assessing Officer, the assessee preferred an appeal before the Commissioner of Income Tax (Appeals) [for short