DCIT (EXEMPTIONS), CIRCLE 1(1), HYDERABAD vs. NATIONAL INSTITUTE OF RURAL DEVELOPMENT AND PANCHAYATI RAJ, HYDERABAD

In the result, both the appeal filed by the Revenue and cross- objection filed by the assessee are dismissed

Bench: SHRI VIJAY PAL RAO, HON’BLE (Vice President), SHRI MANJUNATHA G, HON’BLE (Accountant Member)

1) penalty has been prescribed under section 271F. Similarly, in case of failure to file return by charitable society under section 139(4A) penalty has been prescribed under section 272A(2)(e). On a plain reading of the relevant provisions, failure to file the return under section 139(4A) cannot be interpreted to mean that income cannot to be computed

TELANGANA WORKING JOURNALISTS WELFARE FUND,HYDERABAD vs. ITO,(EXEMPTIONS),WARD-3, HYDERABAD