No addition can be made on basis of Notional Interest due to failure to Receive Interest for loan Advances  by assessee Finance Company: ITAT [Read Order]

By Aparna. M - On July 30, 2023 10:45 am - 2 mins read
Notional Interest - failure to receive Interest for loan - failure to receive Interest - Interest for loan - loan - Interest - Finance Company - ITAT - Taxscan

The Income Tax Appellate Tribunal (ITAT) Kolkata  Bench held that no addition could be made on basis of notional interest  due to failure to receive Interest for the loan advanced by the assessee finance company. Assessee,  Panchiram Nahata, is a firm engaged in the business of finance as a commission agent, trading in shares and…

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