Law:

Section:

Section 272A of the Income-tax Act, 1961 - Penalty - For failure to answer question, high statements Where penalty was levied on assessee-trust for delay in filing return of income and it was found that in parallel proceedings Tribunal had granted relief to assessee by granting registration under section 12A, in light of registration granted to assessee by Tribunal and which order had become final due to non-challenging of same by revenue, order of penalty levied under section 272A(2)(e) had to be re-examined by Assessing Officer [Assessment year 2001-02] [Remanded] CIT v. Vidya Sagar Educational Trust [2009] 315 ITR 298 (Kar.) The assessee was a trust running an educational institution. According to the assessee, for the assessment year 2001-02, it had obtained an exemption under section 10(22)/( 23C). For the relevant assessment year, the assessee was required to file return of income on or before 30-10-2001, and the assessee did not file the return of income within the stipulated time and the same was filed belatedly on 21-12-2001. Since there was delay in filing the return, the Assessing Officer levied penalty under section 272A(2)(e). Held that in parallel proceedings the Tribunal had granted relief to the assessee granting registration under section 12A. In the light of the registration granted to the assessee by the Tribunal and which order had become final due to non-challenging of the same by the revenue, the order of penalty levied under section 272A(2)(e) had to be re-examined by the Assessing Officer. Therefore, the matter was to be remanded to the Assessing Officer to consider the effect of grant of registration in favour of the assessee under section 12A and pass an appropriate order in accordance with law. M.V. Seshachala for the Appellant. A. Shankar for the Respondent. JUDGMENT K.L. Manjunath, J. - The appeal is by the Revenue and cross-objections are by the assessee. In the circumstances, these two matters are taken up together for hearing. 2. The Revenue has filed this appeal under section 260A of the Income-tax Act, 1961, challenging the order passed by the Income-tax Appellate Tribunal, Bangalore Bench, in I. T. A. No 229/Bang/2003 wherein…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492