2020 (3) TMI 1142

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....aptioned 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 Tax Act 1961(In short the 'Act') dated 21.03.2016 framed by ACIT-4(1), Bhopal. 2. Assessee has raised following grounds of a....

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....g total income of Rs. 3,89,297/- and also claimed exempt income of Rs. 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 round of assessment proceedings and there was no observation against the assessee that the assessee has concealed particulars of income or....

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....ts 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 when the Ld. A.O is satisfied about the type and amount of expenses which have been incurred specifically for earning the exempt income and has been debited to....