TaxTMI 
TaxTMI 
2024 (2) TMI 109
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....2023 passed by National Faceless Appeal Centre (NFAC), Delhi for assessment year 2020-21. 2. The grounds of appeal are as under:- Grounds of Appeal Tax effect relating to each Ground of appeal 1. The order passed by lower authorities in bad in law and required to be quashed. N.A. 2 Ld. NFAC erred in law and on facts in confirming penalty of Rs. 11,39,8167-ignoring submission of the app....
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....61 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 initi....
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....mputation of income, copy of form 26AS, director fee and therefore claimed deduction u/s. 57 on account of interest payment against maturity of LIC of India of Rs. 1,48,65,220/- interest of unsecured loan of Rs. 13,33,313/- and certain expenses of Rs. 6,60,000/- paid to M/s Shree Fintax Services. The assessee submitted that receipt from LIC regarding interest payment against maturity of LIC of Ind....
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....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 established the nexus between the interest e....