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2007 (5) TMI 345 - AT - Income TaxPenalty under section 271B of the Income-tax Act, 1961 - society is registered with an object of not to derive either directly or indirectly any kind of benefit, profit, gain - show-cause notices to the assessee requiring it to explain as to why penalty under section 271B should not be imposed - Indian Hockey Federation is a society registered under the Societies Registration Act, 1860. with an object of not to derive either directly or indirectly any kind of benefit, profit, gain from any activity of business and profession - Hockey Federation is in a bona fide belief that the provision of section 44AB apply to the organisation engaged in the business and profession which object is running the purpose of profit and gain - section 271B is to apply only if activity of the assessee, nature of income to be assessed under Chapter IV, Head D, which categorically prescribed for the nature of income falling only if under the profit and gains from business or profession - Decided that it does not come under the purview of section 44AB - not getting the accounts audited and in not filing the audit report by a specified date, the penal provisions under section 271B are not attracted in this case merely because the assessee has itself been showing its income/loss under the head 'Income from business' inadvertently - Held against the favour of revenue - Appeal dismissed.
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