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TMI Blog2019 (8) TMI 103X X X X Extracts X X X X X X X X Extracts X X X X ..... IA - AM: The captioned appeal has been filed at the instance of the assessee against the order of the Commissioner of Income Tax (Appeals)-5, Ahmedabad ('CIT(A)' in short), dated 12.12.2017 arising in the penalty order dated 31.03.2016 passed by the Assessing Officer (AO) under s. 271(1)(c) of the Income Tax Act, 1961 (the Act) concerning AY 2010-11. 2. As per the grounds of appeal, the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t income of Rs. 1,25,000/- under the head 'income from other sources'. The assessee explained before the AO that he procured a secured term loan from Kotak Mahindra Bank alongwith family members in the earlier years on mortgage of joint property. It was contended that the loan was applied and utilized for the purposes of earning interest income. The AO disbelieved the narrative of the assessee and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mposed as the expenditure claimed was not found to be allowable. In this regard, we note the observations of the Hon'ble Supreme Court in the case of CIT vs. Reliance Petro Products Pvt. Limi ted (322 ITR 158) (SC). The Hon'ble Supreme Court has observed that no penalty is justified where all the details of expenditure as well as income in its return, which details, in themselves, were not found t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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