2008 (7) TMI 379

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..... er sections 11 and 12 of the Act, the Revenue cannot invoke section 139(4A) of the Act and, therefore, held that levying of penalty invoking the provisions of section 272A(2)(e) of the Act was not proper – held that - of penalty levied under section 272A(2)(e) of the Act has to be re-examined by the Assessing Officer - assessing authority directed to consider the effect of grant of registration in .....

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..... and the order passed by the Commissioner of Income-tax (Appeals), Bangalore. 3. Facts of the case are as hereunder: 4. The respondent-assessee is a trust running an educational institution. According to the assessee, for the assessment year 2001-02, it had obtained an exemption under section 10(22), (23C) of the Income-tax Act. For the relevant assessment year, the assessee was required to .....

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..... to be dismissed on December 27, 2002. Being aggrieved by the concurrent findings, the assessee filed further appeal to the Income-tax Appellate Tribunal. The Income-tax Appellate Tribunal granted relief in part by holding that when the application was not filed by the assessee claiming exemption under sections 11 and 12 of the Act and when the Department has refused to grant exemption claimed by t .....

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..... ider the questions of law which arise in the appeal as well as in the cross-objections. The question of law that arises in the appeal is: "Whether the Tribunal was justified in holding that the assessee having obtained exemption under section 10(23C)/10(22) of the Act, levy of penalty under section 272A(2)(e) of the Act by relying upon section 139(4A) of the Act does not arise since no exemption .....

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..... we are of the opinion that the order of penalty levied under section 272A(2)(e) of the Act has to be re-examined by the Assessing Officer. Therefore, we are of the view that without answering the substantial question of law which arise in the appeal as well as in the cross-objections, all the orders have to be set aside directing the assessing authority to consider the effect of grant of registrat .....

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