Notional Interest Addition Deleted Due to Absence of Fresh Advances & Sufficient Funds

Advertisement Bombay Minerals Ltd Vs DCIT (ITAT Mumbai) The appeals before the Income Tax Appellate Tribunal (ITAT), Mumbai Bench, involved cross-appeals by the assessee and the Revenue for Assessment Years 2016–17 and 2018–19, arising from orders of the Commissioner of Income Tax (Appeals). The issues primarily related to disallowance under Section 14A read with Rule 8D, disallowance of notional interest under Section 36(1)(iii), and deduction of research and development (R&D) expenditure. With respect to disallowance under Section 14A, the Assessing Officer had applied Rule 8D and...