https://www.taxtmi.com/caselaws?id=441534 The ITAT affirmed the disallowance of expenses by the Assessing Officer due to lack of evidence provided by the assessee, resulting in the dismissal of Ground No. 1. However, the addition of notional income for interest-free loan was overturned as there is no provision in the Income Tax Act for such inclusion. Consequently, the ITAT partially allowed the appeal, directing the Assessing Officer to remove the added notional interest amount. en-us Tue, 08 Aug 2023 00:00:00 +0530 Thu, 10 Aug 2023 07:58:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=441534 The ITAT affirmed the disallowance of expenses by the Assessing Officer due to lack of evidence provided by the assessee, resulting in the dismissal of Ground No. 1. However, the addition of notional income for interest-free loan was overturned as there is no provision in the Income Tax Act for such inclusion. Consequently, the ITAT partially allowed the appeal, directing the Assessing Officer to remove the added notional interest amount. Case-Laws Income Tax Tue, 08 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=441534