Whether assessee’s failure to get its accounts audited on ground that its entire income was exempt constitutes a reasonable cause?

IN THE ITAT LUCKNOW BENCH ‘A’ Cane Development Union Versus Assistant Commissioner of Income-tax IT APPEAL NOS. 508 & 509 (LUCK.) OF 2011 [ASSESSMENT YEARS 2006-07 & 2007-08] SEPTEMBER 19, 2012 ORDER Sanjay Arora, Accountant Member This is a set of two Appeals by the Assessee, contesting the confirmation of the levy of penalty u/s. 271B of the Income Tax Act, 1961 (‘the Act’ hereinafter) for two consecutive years, being the assessment years (AYs) 2006-2007 and 2007-2008, by the Commissioner of Income Tax (Appeals)-II, Lucknow (‘CIT(A)R...