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2018 (6) TMI 148 - AT - Income TaxPenalty levied u/s. 271(1)(c) - Exemption u/s. 11 denied as held that business of publishing newspaper itself cannot be said to be an object of general public utility entitled for exemption as a charitable institution - Held that:- We notice that in some of the years it has been held that the assessee is entitled for Exemption u/s. 11 of the Act. The stand of the assessee was that the claim for exemption u/s. 11 of the Act was a bonafide claim. Further, we notice that penalty was levied on similar circumstances in the Assessment Years 2007-08, 2008-09 and 2010-11 and the Ld.CIT(A) deleted the penalty which was confirmed by the Tribunal The assessee had not concealed any income or furnished inaccurate particulars of income. The exemption u/s. 11 of the Act was denied to the assessee on a mere change of opinion. The issue of whether the assessee trust is entitled for exemption u/s. 11 of the Act is highly debatable. The claim made u/s. 11 of the Act was also appears to be bonafide claim and there is no concealment of income or furnishing inaccurate particulars - No penalty to be invoked - Decided in favour of assessee
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