TaxTMI 
TaxTMI 
2021 (8) TMI 1145
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....L MEMBER Assessee by Shri M.K. Kulkarni Revenue by Shri Deepak Garg ORDER PER R.S.SYAL, VP : This batch of four appeals has two appeals and one cross objection in quantum proceedings arising from the order passed by the CIT(A)-1, Pune on 13-09-2017 in relation to the assessment year 2013-14 and the last appeal is against the confirmation of penalty u/s.271(1)(b) of the Income-tax Ac....
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.... of expenses amounting to Rs. 10.38 crore. The ld. CIT(A) observed that the expenses included a sum of Rs. 5.67 crore pertaining to interest paid to others, which in his opinion could not have been disallowed. As regards the remaining expenses of Rs. 4.61 crore, the ld. CIT(A) sustained the addition @10% of total expenses amounting to Rs. 46,15,496/-. Whereas the Revenue has filed an appeal agains....
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....out proper verification. This observation of the ld. CIT(A) is not correct inasmuch as it was the assessee who did not furnish any details of the expenses including interest paid to others. There can be several reasons for the disallowance of interest. When the AO required the assessee to furnish the relevant details, it was the assessee who was at fault. The ld. AR submitted that the assessee had....
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....f account and vouchers, which were earlier under lock and key of the bank, are now available and can be produced before the AO. Under such circumstances, we set-aside the impugned order and remit the matter to the file of the AO for framing the assessment afresh as per law after allowing reasonable opportunity of hearing to the assessee. Needless to say, the assessee will be at liberty to lead any....