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2012 (4) TMI 152 - AT - Income TaxDelay in filing return - Public Charitable trust U/S 12A - also secured recognition under section 80G(5)(vi) - levy of penalty under section 272A(2)(e) for not filing the return of income within the due date as prescribed in section 139 - assessee in reply stated that the appellant was under a bonafide belief that recognition under section 80G would be a pre-requisite for filing the return of income – assessee contented that preoccupation on account of the trusties for meeting the obligations to secure recognition and this was the first year of operation of the trust thus the delay in filing the returns was not intentional – Held that:- On being appraised the correct provisions of law, return of income was filed immediately without any further delay there was no loss to the revenue as a result of late filing of the return and there was no ulterior motive to defraud the revenue - Penalty may be imposed under section 272A(2)(e) for failure, an attempt of deliberateness or deceptiveness, to furnish the return of income - Penalty cannot be levied under section 272A(2)(e) if there exists sufficient or reasonable cause for the default - "Reasonable cause' as applied to human action is that which would constrain a person of average intelligence and ordinary prudence - appeal filed by the assessee is allowed – in favour of assessee.
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