https://www.taxtmi.com/caselaws?id=777528 ITAT (Mumbai) dismissed the assessee's appeals, upholding the CIT(A) and AO findings that interest on bank overdraft under s.57 is disallowable because the assessee failed to establish nexus between overdraft outgo and interest income, and provided no evidence of utilization of OD funds. The tribunal also upheld a notional interest addition for alleged use of interest-bearing funds for non-business purposes, noting the assessee paid interest at 10% and thus the disallowance was justified. Both grounds of appeal were rejected. en-us Mon, 13 Jan 2025 00:00:00 +0530 Tue, 02 Sep 2025 12:10:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=777528 ITAT (Mumbai) dismissed the assessee's appeals, upholding the CIT(A) and AO findings that interest on bank overdraft under s.57 is disallowable because the assessee failed to establish nexus between overdraft outgo and interest income, and provided no evidence of utilization of OD funds. The tribunal also upheld a notional interest addition for alleged use of interest-bearing funds for non-business purposes, noting the assessee paid interest at 10% and thus the disallowance was justified. Both grounds of appeal were rejected. Case-Laws Income Tax Mon, 13 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=777528