https://www.taxtmi.com/caselaws?id=448958 The appeal against the NFAC order for the assessment year 2020-21 was allowed. The court found that the appellant had provided sufficient evidence and explanations to establish the legitimacy of the claimed deductions and the nexus between income and expenses. It was determined that there was no misreporting or under-reporting of income. Consequently, the penalty imposed under section 270A was deemed unjustified and was overturned. en-us Wed, 31 Jan 2024 00:00:00 +0530 Fri, 02 Feb 2024 07:51:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448958 The appeal against the NFAC order for the assessment year 2020-21 was allowed. The court found that the appellant had provided sufficient evidence and explanations to establish the legitimacy of the claimed deductions and the nexus between income and expenses. It was determined that there was no misreporting or under-reporting of income. Consequently, the penalty imposed under section 270A was deemed unjustified and was overturned. Case-Laws Income Tax Wed, 31 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448958