Notional Interest Cannot Be Added Where No Income Earned: ITAT Kolkata

Basudebpur Uttarbarh Samabay Krishi Unnayan Samity Limited Vs ACIT (ITAT Kolkata) Notional Interest Cannot Be Added Where No Income Earned: ITAT Kolkata Deletes Proportionate Interest Addition and Allows 80P Relief The Kolkata ITAT allowed the assessee’s appeal for AY 2015-16 and deleted the addition made on account of proportionate interest allegedly earned on excess investments beyond capital and reserves. The Assessing Officer had computed a notional interest of ₹4.86 lakh by assuming that the assessee earned interest on investments exceeding its capital and reserve surplus, and denied ...