Interest on Allegedly Bogus Loans Sent Back for De Novo Adjudication

Sapphire Fintech Private Limited Vs DCIT (ITAT Mumbai) The appeal before the Mumbai Bench of the Income Tax Appellate Tribunal concerned the assessment year 2014–15 and challenged the order passed by the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, confirming certain additions and disallowances made by the Assessing Officer. The assessee raised three principal grounds relating to disallowance of interest on loans treated as non-genuine, non-allowance of an inadvertent self-disallowance of ₹9 lakh made in the return, and denial of set-off of brought forward losses...