2006 (4) TMI 509

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..... not give rise to any substantial question of law. 2. The facts of the case are that the respondent--unit had filed its return of income for the asst. yr. 1995-96 claiming that its income is exempt from tax and not liable to be included in total taxable income in terms of Section 10(24) of the IT Act, 1961. The claim was rejected by the AO inter alia, on the ground that since trade union of the tr .....

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..... or exemption which was not found tenable ultimately, does not make a case of deliberate concealment of income, but is a case of bona fide contesting claim of exemption and, therefore, the penalty was not leviable. 5. We are of the opinion that no exception can be taken to the view taken by the Tribunal as merely because claim to exemption is found to be not tenable, the penalty cannot be levied. .....

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