No Addition for Notional Interest Based Solely on Seized Working Sheet: ITAT Mumba

Lalit C. Jobanputra Vs DCIT (ITAT Mumbai) No Addition for Notional Interest: ITAT Deletes ₹93 Lakh Addition Based Solely on Seized Working Sheet The Mumbai Bench of the Income Tax Appellate Tribunal deleted an addition of ₹93.06 lakh made towards alleged undisclosed interest income, holding that a mere seized calculation sheet showing interest at 24% cannot justify taxation unless the Revenue proves that such interest actually accrued or was received by the assessee. In this case, the assessee had advanced ₹5.50 crore to one Rajeev Bhale. During a search, a seized document contained a de...