2008 (7) TMI 379

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....ent. JUDGMENT The judgment of the court was delivered by 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 Be....

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....r section 272A(2)(e) of the Act. The assessee, in response to the notice submitted a reply stating that it was under a bona fide impression that filing of the return on or before October 30, 2001, was not compulsory in view of the exemption granted to it. The cause shown by the assessee was not accepted by the authorities and levied penalty of Rs. 51,600 by order dated September 23, 2002. Against ....

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.... this portion of the order, the Revenue has filed this appeal. The assessee has also filed cross-objections contending that the Tribunal did not consider the contention of the assessee that it was under a bona fide impression and was not required to file return on or before October 30, 2001, in view of the obtaining exemption under section 10(22)/(23C) of the Act. According to him, the cause shown....

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....tified in holding that the cross-objector did not show reasonable cause to condone the delay in filing the return ?" 7. We have heard the counsel for the parties. 8. During the course of arguments, it is brought to our notice that in parallel proceedings the Tribunal has granted relief to the assessee granting registration under section 12A of the Act. In the light of the registration grante....