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2010 (8) TMI 352 - AT - Income TaxPenalty - Return u/s 139(4A) - Voluntary contribution - Exemption under section 10(23C) - penalty in the present case was imposed by the Assessing Officer under section 272A(2)(e). - As per the provisions of section 273B, any penalty imposed by the Assessing Officer under sub-section (2) of section 272A is not imposable if the assessee proves that there was reasonable cause for the said failure. Penalty under section 272A(2)(e) is imposable if the assessee fails to furnish the return of income, which he is required to furnish under sub-section (4A) of section 139. Return u/s 139(4A) - there is non-specific reference to those assessees who are covered by the provisions of section 10(23C)(iiiab). - In this section, reference has been made to sections 11 and 12. In addition to this reference was made to those assessees also, who have income from voluntary contributions referred to in sub-clause (iia) of clause (24) of section 2. Section 2(24)(iia) - When we examine the provisions of sub-clause (iia) of sub-section (24) of section 2, we find that reference has been made to various other clauses of sub-section (23C) of section 10 but no reference has been made to clause (iiiab) of sub-section (23C) of section 10. There was reasonable cause on which the assessee might have been having a bona fide belief that the provisions of section 139(4A) are not applicable to it and hence the penalty imposed by the Assessing Officer is not justified.
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