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TMI Blog2024 (10) TMI 1487X X X X Extracts X X X X X X X X Extracts X X X X ..... Respondent Through: Mr Vipul Aggarwal, SSC, Mr Girban Naushad and Ms Sakshi Shairwal, JSCs. VIBHU BAKHRU, J. (ORAL) 1. Issue notice. The learned counsel for the Revenue accepts notice. 2. The petitioner has filed the present petition, inter alia, impugning the order dated 23.09.2024 (hereafter the impugned order) passed under Section 270AA of the Income Tax Act, 1961 (hereafter the Act) reject ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eason, the assessee had made an addition of Rs. 23,29,606/- being on account of the negative spread of interest. 5. Prima facie, this case would not be one of mis-reporting as the facts on the basis of which additions have been made appear to be disclosed by the assessee. 6. The AO had issued the Show Cause Notice dated 17.09.2024 to the assessee calling upon him to show cause as to why his appl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... accordingly, set aside the impugned order passed by the AO under Section 270AA of the Act and remand the matter to the AO to consider afresh. The AO shall pass a fresh order after affording an opportunity of being heard to the petitioner, in accordance with law.
10. The petition is disposed of in the aforesaid terms. Pending application also stands disposed of. X X X X Extracts X X X X X X X X Extracts X X X X
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