2001 (11) TMI 231

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....ed of by the common order for the sake of convenience. The only issue common to both the appeals relates to the levy of penalty under s. 272A(2)(e) on account of late filing of the return. 2. The assessee is a charitable and educational society. The penalty proceedings were initiated under s. 272A(2)(e) for the years under consideration on the ground that the assessee had not filed the return o....

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....th the parties, we do not find any error in the order of the CIT(A). The learned Departmental Representative has not been able to place any material to controvert the finding of the CIT(A) that the trust is exempt under s. 10(22). Consequently, in our opinion, the CIT(A) was justified in holding that assessee was not required to file the return under s. 139(4A) and penalty could not be sustained. ....