Notional Interest Addition Deleted Because Only Real Income Can Be Taxed: ITAT Delhi

 ACIT Vs Aamby Valley Ltd. (ITAT Delhi) In a cross-appeal arising from assessment proceedings for Assessment Year 2013–14, the Tribunal examined multiple additions and disallowances made by the Assessing Officer and partly modified by the Commissioner of Income Tax (Appeals). The assessee had originally filed a nil income return after set-off of brought forward losses, but later filed a revised computation showing a substantial loss after withdrawing amortization of Foreign Currency Monetary Item Translation Difference Account. The Transfer Pricing Officer drew no adverse inference regardin...