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2008 (7) TMI 379 - KARNATAKA HIGH COURTPenalty u/s 272A(2)(e) - ITAT 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 the assessee under 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 favour of the assessee under section 12A of the Act and pass an appropriate order in accordance with law
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