https://www.taxtmi.com/caselaws?id=438408 The Tribunal allowed the appeal filed by the Assessee university regarding exemption under Section 10(23C)(iiiab) of the Income Tax Act. The penalty imposed under Section 271B for failure to audit accounts was deemed unjustified as the university, being a non-profit educational institution, was found not engaged in business activities. The judgment emphasized the importance of a careful analysis of facts and legal provisions in tax matters, leading to the quashing of the penalty order. en-us Wed, 24 May 2023 00:00:00 +0530 Tue, 30 May 2023 12:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=438408 The Tribunal allowed the appeal filed by the Assessee university regarding exemption under Section 10(23C)(iiiab) of the Income Tax Act. The penalty imposed under Section 271B for failure to audit accounts was deemed unjustified as the university, being a non-profit educational institution, was found not engaged in business activities. The judgment emphasized the importance of a careful analysis of facts and legal provisions in tax matters, leading to the quashing of the penalty order. Case-Laws Income Tax Wed, 24 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=438408