Mere Technical Breach Not Enough for Penalty Under Section 272A(1)(d)

Bundelkhand University Vs Assessment Unit/DCIT (Exemption) (ITAT Agra) The Income Tax Appellate Tribunal (ITAT) in Agra has ruled in favor of Bundelkhand University, canceling a penalty levied by the Assessment Unit under Section 272A(1)(d) of the Income-tax Act. The dispute arose after the Assessing Officer (AO) observed that the university, a non-profit educational institution, had initially failed to furnish certain requested information during the assessment proceedings. The AO had proceeded to assess the university as an Association of Persons (AOP) and imposed the penalty for the procedu...