Law:

Section:

Section 272A of the Income-tax Act, 1961 - Penalty - For failure to answer questions, sign statements, furnish information, returns or statements, allow inspections, etc. - Assessment years 1990-91, 1991-92, 1995-96 to 1997-98 - Assessee, a charitable trust, for assessment years in question filed its return belatedly - As returns were filed belatedly, Assessing Officer referred case to Joint Director (Exemption) for initiating penalty proceeding under section 272A(2)(e) - Notices under section 272A(2)(e) allegedly were issued to assessee and finding no response from it Joint Director (Exemption) levied penalties - Assessee‘s case was that no notices were received by assessee - Whether since there was no finding recorded by Commissioner (Appeals) and Tribunal that notices in question were in fact served on assessee, it could be said that assessee was not served with those notices and was, consequently, not afforded opportunity of being heard before penalties were imposed - Held, yes - Whether, therefore, penalty orders were to be set aside - Held, yes Section 273B, read with section 272A, of the Income-tax Act, 1961 - Penalty - Not to be imposed in certain cases - Assessment years 1990-91, 1991-92, 1995-96 to 1997-98 - Assessee, a charitable trust, for assessment years in question filed returns belatedly - Joint Director (Exemption) levied penalty under section 272A(2)(e) - Assessee‘s case was that initially its chartered accountant advised that its income was below taxable limit and so it was not required to file any return of income, but subsequently, he advised that with a view to avoid any complication arising under section 139(4A), it should file its returns and, accordingly, assessee filed returns for assessment years in question - Whether assessee ought not to be made to suffer penalty, in particular facts of instant case, for having acted upon an advice of its chartered accountant and not filing income-tax returns in time - Held, yes - Whether there was reasonable cause within meaning of section 273B for failure to file income-tax returns for relevant assessment years within time stipulated and, therefore, no penalty was required to be levied in terms of…

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