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2021 (5) TMI 951 - AT - Income TaxPenalty u/s 272A(2)(e) - return in this case was filed on 12/07/2017 as late by 2537 days - HELD THAT:- Assessee being an educational institution whose total receipts were less than ₹ 1.00 crore and thus falls U/s 10(23C)(iiiab) of the Act. Therefore, the entire income of the assessee was exempt and as per provisions of Section 139(4C)(e) of the Act the person is required to file the return where its income exceeds the maximum amount which is not chargeable to income tax. However, in this case, the assessee has filled its return of income declaring the nil income and assessment has also 'been completed at nil income vide assessment order dated 25.12.2017 u/s 143((3)/148 of the Act in the status of educational institution. The assessee was not required to file the return on or before 31.07.2010 and thus, in this way, no penalty could have been imposed u/s 272A(2)(e) - Decided in favour of assessee.
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