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Notional Interest on Interest-Free Advances Rejected Under Real Income Theory
Case Law Details
- Case Name
- ACIT Vs SIP Infotech Limited (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2019-20
- Courts
- All ITAT, ITAT Mumbai
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ACIT Vs SIP Infotech Limited (ITAT Mumbai)
Notional Interest, “Paper Company” Theory & Protective Additions All Rejected: ITAT Mumbai Upholds CIT(A) & Dismisses Revenue Appeal
Mumbai ITAT dismissed the Revenue’s appeal and affirmed the order of the CIT(A), granting complete relief to the Assessee-company.
The case arose from reassessment proceedings u/s 147 r.w.s. 143(3), wherein the AO (i) disallowed ₹3.02 lakh of routine statutory & compliance expenses u/s 37(1) by branding the Assessee as a “paper company”, (ii) added ₹29.93 lakh as notional interest @18% on intere...
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