KARNATAKA INDUSTRIAL AREAS DEVELOPMENT BOARD,BANGALORE vs. ASSISTANT COMMISSIONER OF INCOME TAX (EXEMPTION) CIRCLE-1, BANGALORE

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ITA 876/BANG/2017Status: DisposedITAT Bangalore20 February 2020AY 2011-123 pages

In favour of the assessee: the assessee's appeal was allowed. From the AI summary of this appeal.

AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the assessee had a genuine belief that Section 44AB was not applicable due to its registration under Section 12A and potential exemption under Section 11. Therefore, the penalty imposed under Section 271B was deleted.

What were the facts?

The assessee was imposed a penalty under Section 271B for non-compliance with Section 44AB. The penalty order was based on the cancellation of the assessee's registration under Section 12AA(3), which was later restored by the Tribunal and upheld by the High Court.

What were the issues?

Whether penalty under Section 271B is leviable when the assessee has a reasonable belief that Section 44AB is not applicable due to its registration under Section 12A and potential exemption under Section 11.

Which sections of the Income-tax Act were involved?

Section 271B,Section 44AB,Section 12A,Section 11,Section 12AA(3),Section 273B

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, BANGALORE BENCH ‘ A ’

Before: SHRI N. V. VASUDEVAN & SHRI A. K. GARODIA

For Appellant: Shri P. C. Khincha, C. A
For Respondent: Shri Manjeet Singh, Addl. CIT DR

Heard together (2 matters)

I.T.A. No. 876/Bang/2017
ITA No. 185/ASR/2012

Read from the judgment's own cause title. This page is filed under one of them.

O R D E R

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