https://www.taxtmi.com/caselaws?id=411877 The ITAT allowed the appeal, setting aside the addition of notional interest under Section 56 of the Income Tax Act. The appellant's argument that no interest was paid on deposits and no rent was charged for lockers was accepted. The ITAT found the notional addition unjustified, considering the deposits were utilized in the bank's operations and citing a similar case precedent. The additional ground for fresh claims was dismissed as it was not pressed by the appellant. The appeal was partially allowed based on consistency and the principle established by a Coordinate Bench. en-us Wed, 25 Aug 2021 00:00:00 +0530 Sat, 04 Sep 2021 10:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=411877 The ITAT allowed the appeal, setting aside the addition of notional interest under Section 56 of the Income Tax Act. The appellant's argument that no interest was paid on deposits and no rent was charged for lockers was accepted. The ITAT found the notional addition unjustified, considering the deposits were utilized in the bank's operations and citing a similar case precedent. The additional ground for fresh claims was dismissed as it was not pressed by the appellant. The appeal was partially allowed based on consistency and the principle established by a Coordinate Bench. Case-Laws Income Tax Wed, 25 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=411877