2019 (1) TMI 790

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....on 272A(2)(e) of the Income Tax Act, 1961 ["Act" in short]. 2. Brief facts of the case are that the assessee has filed a return of income for the assessment year 2010-11 on 08.03.2012 along with earlier two assessment year returns of income for the year ended 31.03.2008 and 31.03.2009. The trust was not granted any Registration under section 12AA of the Act. The return of income filed for the assessment year 2010-11 was taken up for scrutiny under section 143(2) of the Act and accepted the 'Nil' income returned by the assessee vide assessment order dated 28.01.2013. A penalty notice under section 271(2)(e) dated 08.12.2015 was issued by the Addl. Commissioner of Income Tax (Exemption Range), Coimbatore. Penalty was levied for del....

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....ons of the appellant and the penalty order. The appellant's argument that delay caused due to delay in filing of the return for the A.Y. 2009-10 (previous year) is the main cause for the delay for the year under appeal. The Income-tax Act treats each assessment year as a separate entity. The A.O. found that the appellant has earned a total receipt of Rs. 39,62,207/- which was much above the taxable limit before giving effect to the provisions of sections 11 and 12 of the Income-tax Act. The assessee was under a statutory obligation to file its return of income according to the provisions of section 139(4A) of the Income Tax Act, 1961 for the year under consideration. Thus, I do not find any valid reason to interfere with the penalty ord....