https://www.taxtmi.com/caselaws?id=767547 ITAT Mumbai allowed assessee's appeals against reopening of assessment u/s 147 for addition of notional interest income on loan/advance to a private company. Following its coordinate bench decision in assessee's own case for AY 2013-14, the Tribunal found no merit in the addition of notional interest income and deleted the same. The reopening proceedings were also initiated based on similar grounds as AY 2013-14, where interest income was alleged to have escaped assessment, but the Tribunal consistently ruled in favor of the assessee. en-us Tue, 18 Mar 2025 00:00:00 +0530 Thu, 20 Mar 2025 08:21:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767547 ITAT Mumbai allowed assessee's appeals against reopening of assessment u/s 147 for addition of notional interest income on loan/advance to a private company. Following its coordinate bench decision in assessee's own case for AY 2013-14, the Tribunal found no merit in the addition of notional interest income and deleted the same. The reopening proceedings were also initiated based on similar grounds as AY 2013-14, where interest income was alleged to have escaped assessment, but the Tribunal consistently ruled in favor of the assessee. Case-Laws Income Tax Tue, 18 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767547