https://www.taxtmi.com/caselaws?id=401296 The Income Tax Appellate Tribunal (ITAT) affirmed the Commissioner of Income Tax (Appeals) [CIT(A)]'s decision to delete an addition made by the Assessing Officer (AO) regarding notional interest income. The ITAT upheld the CIT(A)'s findings that the AO's additions lacked factual support and were based on presumptions. Additionally, the ITAT agreed with the CIT(A) that the assessee was engaged in real estate activities and that the investments made were commercially expedient for expanding market opportunities. The Revenue's appeal was dismissed, and the decision was rendered on 21st August 2020. en-us Fri, 21 Aug 2020 00:00:00 +0530 Fri, 04 Dec 2020 08:03:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401296 The Income Tax Appellate Tribunal (ITAT) affirmed the Commissioner of Income Tax (Appeals) [CIT(A)]'s decision to delete an addition made by the Assessing Officer (AO) regarding notional interest income. The ITAT upheld the CIT(A)'s findings that the AO's additions lacked factual support and were based on presumptions. Additionally, the ITAT agreed with the CIT(A) that the assessee was engaged in real estate activities and that the investments made were commercially expedient for expanding market opportunities. The Revenue's appeal was dismissed, and the decision was rendered on 21st August 2020. Case-Laws Income Tax Fri, 21 Aug 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401296