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TMI Blog2020 (3) TMI 1142X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 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 Profit Loss ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... : Shri K.G. Goyal, Sr.DR ORDER PER MANISH BORAD, AM. The above captioned 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. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bserve that the assessee filed Income Tax Return on 13.11.2006 for Assessment year 2006-07 declaring total income of ₹ 3,89,297/- and also claimed exempt income of ₹ 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... own all the expenses in the Profit Loss account and there is no dispute about the particulars provided in the books of accounts 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 ab ..... X X X X Extracts X X X X X X X X Extracts X X X X
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