TMI Blog2024 (2) TMI 109X X X X Extracts X X X X X X X X Extracts X X X X ..... ncial year 2009-10 from unsecured loans and in fact has given the genuineness, identity and creditworthiness for those parties. The assessee has also submitted notice copy thus, has given all the details and explained the expenses including that of the interest expenditure which was led out or extended wholly and exclusively for purpose of earning income from LIC policy maturity hence director fees from Mila India Pvt. Ltd.. Thus, it cannot be said that the assessee has under-reported in consequence of mis-reported the income of assessee at any point of time. Thus, section 270A(9)(c) of the act will not be attracted in the present case. Decided in favour of assessee. - Ms. Suchitra Kamble, Judicial Member For the Assessee : Shri Pa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee filed his return of income for assessment year 2020-21 on 11-12-2020 declaring total income of Rs. 5,49,75,980/-. The case was selected for scrutiny assessment and order u/s. 143(3) r.w.s. 144B of the Income Tax Act, 1961 was passed on 29-09-2022 determining the total assessed income by Rs. 5,63,08,997/- thereby making addition of Rs. 13,33,313/-. The Assessing Officer observed that during the course of assessment proceedings, the assessee failed to establish any nexus between the income earned from other source and interest expenses of Rs. 13,33,313/- as explained u/s. 57 of the Act. The Assessing Officer initiated penalty proceedings for mis-reporting of income and under reporting of income and show cause notice was issued u/s. 27 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s, section 270A will not be attracted as there was no mis-reporting and under-reporting by the assessee. 6. The ld. D.R. submitted that the assessee has not claimed the proper expenditure as required under the law and therefore the same is mis-reporting and under reporting. The ld. D.R. relied upon the assessment order, penalty order and the order of the CIT(A). 7. Heard both the parties and perused all the relevant materials available on record. While invoking section 270A(9)(c) of the Act, the assessee has given a categorical reply to the Assessing Officer during the assessment proceedings vide reply dated 09-03-2020 and also submitted that all the details of books of accounts as well as the audit account. The assessee has establish ..... X X X X Extracts X X X X X X X X Extracts X X X X
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