ITAT upheld penalty on amount accumulated by Trust but not utilised & disclosed in ITR

Association of Indian Forging Industry Vs ITO (ITAT Pune) Association of Indian Forging Industry (hereinafter referred to as appellant) is a not-for-profit company incorporated u/s 25 of the Companies Act, 1956 and is also registered u/s 12A of the I.T. Act 1961, therefore eligible for exemption u/s 11 of the Act. As per the memorandum of association, the principal object of the appellant is to promote the interests of the forging industry in India. The appellant filed its return of income for the year under consideration on 28.09.2012 declaring total income at Rs. NIL after claiming exemption...