2002 (1) TMI 951

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....this appeal against the order of the CIT(A)-16, New Delhi, dated 3-6-1996, the Department is objecting to the reduction of penalty imposed under section 272A(2)(e) of the Income-tax Act, 1961 for the assessment year 1993-94, from Rs. 12,200 to Rs. 1,000. 2. The facts concerning the matter, in brief, are that according to the DDIT (Exemption), New Delhi, the assessee was liable to file its return ....

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....pts to the tune of Rs. 70,209 which fact made it liable to file the return under section 139(4A) of the Act. A penalty of Rs. 12,200 was thus imposed under section 272A(2)(e) of the Income-tax Act, 1961. 3. The submission of the assessee before the learned CIT(A) was that it was running an educational institution and hence its income was exempt under section 10(22) of the Act, it was pleaded that....

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....of the learned counsel for the assessee was that as per the assessee's P&L Account for the year under consideration, copy placed in the paper book, there was excess of expenditure of Rs. 74,320 over the income and hence there was in any case no liability on assessee's part to file the return under section 139(4A) of the Act. In this connection, my attention was invited to the Tribunal's order (SMC....