Section 272A(2)(e) Penalty order quashed as not passed within reasonable time: ITAT Bangalore

Rajendrasuri Gurumandir Trust Vs ITO (Exemptions) (ITAT Bangalore) ITAT Bangalore held that penalty order under section 272A(2)(e) of the Income Tax Act has to be passed within reasonable time. Since, the penalty order is not passed within reasonable time, the same is liable to be quashed. Facts- The sole and substantiating ground raised by the assessee to challenge Order of NFAC confirming the penalty levied by the AO of Rs.54,700/- under section 272A(2)(e) of the Act, for delay in filing the return of income. The due date for filing return of income was 30.09.2015 but the assessee filed its ...