ITAT Mumbai Deleted Notional Interest as No Real Income Accrued on Advances to Subsidiary

ACIT Vs Shoppers Stop Limited (ITAT Mumbai) The Revenue appealed against the order of the Commissioner of Income Tax (Appeals), Mumbai, dated 07.08.2014, which partly allowed the assessee’s appeal for Assessment Year 2011–12 arising from an assessment under section 143(3) of the Income-tax Act, 1961. The assessment order dated 31.12.2013 had determined total income at ₹106.31 crore after making several additions, including disallowance under section 14A read with Rule 8D, addition of notional interest at 13.5% on funds advanced to a subsidiary, and disallowance of certain expenses and un...