Tax Audit Exception: ITAT Confirms Interest is Not “Gross Receipts” for 44AB and Deletes Penalty

Yamuna Expressway Industrial Development Authority Vs CIT(Appeal) (ITAT Delhi) When assessee is a Local Authority/Charitable Institution not carrying on business even AO levied penalty u/s 271A for no books, audit u/s 44AB cannot be enforced Yamuna Expressway Industrial Development Authority is a statutory Local Authority constituted u/s 3 of the UP Industrial Area Development Act, 1976, engaged in public infrastructure & area development. It was granted registration u/s 12AA on 08.05.2017 & later notified u/s 10(46) for AYs 2014-15 to 2018-19. For AY 2006-07, assessment was reopened &...