No Penalty shall be Levied on Grounds of Non-Auditing of Accounts if Bonafidely Claims Exemption u/s 11 of Income Tax Act: ITAT [Read Order]

By Aparna. M - On June 30, 2023 12:30 pm - 2 mins read
No Penalty shall be Levied on Grounds of Non-Auditing of Accounts if Bonafidely Claims Exemption - Income Tax Act - ITAT - TAXSCAN

The Delhi Bench of  Income Tax Appellate Tribunal (ITAT) held that no penalty should  be levied on the  grounds of non-auditing of accounts if bonafidely claims exemption under Section 11 of Income Tax Act, 1961. The assessee,Bhartiya Shiksha Prachar Samiti, Tonk assessment was completed on 13-12- 2019 by not allowing exemption under Section 10(23C)(iiiad)/ Section…

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