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2020 (3) TMI 1142

..... and there is no dispute about the particulars provided in the books of accounts nor the A.O has rejected the book results since no such finding is appearing in the penalty order as well as appellate order. There is no mandatory rule that for earning exempt income assessee has to incur any expenditure. It is only when the A.O is satisfied about the type and amount of expenses which have been incurr .....

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..... ad, Accountant Member For the Appellant : None For the Revenue : Shri K.G. Goyal, Sr.DR ORDER PER MANISH BORAD, AM. The above captioned appeal filed at the instance of assessee pertaining to Assessment Year 2006-07 is directed against the orders of Ld. Commissioner of Income Tax (Appeals)-1 (in short Ld.CIT(A) ], Bhopal dated 07.09.2018 which is arising out of the order u/s 271(1)(c) of the Income .....

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..... ords placed before us. We observe that the assessee filed Income Tax Return on 13.11.2006 for Assessment year 2006-07 declaring total income of ₹ 3,89,297/- and also claimed exempt income of ₹ 71,33,689/- . Case selected for scrutiny and assessment completed u/s 143(3) of the Act on 28.11.2008 accepting the returned income. It shows that complete details were examined in the first roun .....

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..... ,807/- 6. Assessee has shown all the expenses in the Profit & Loss account and there is no dispute about the particulars provided in the books of accounts nor the Ld. A.O has rejected the book results since no such finding is appearing in the penalty order as well as appellate order. There is no mandatory rule that for earning exempt income assessee has to incur any expenditure. It is only whe .....

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