Income treated as income from other source not to be considered for applicability of section 44AB

Krishna Educational Society Vs ITO (ITAT Visakhapatnam)

ITAT Visakhapatnam held that penalty u/s 271B of the Income Tax Act not imposable as provision of section 44AB of the Income Tax Act doesn’t apply to income that is treated as income from other sources.

Facts- The assessee is a society registered under Societies Registration Act to run an educational institution. The assessee filed its return of income for the AY 2018-19 in ITR-7 on 30/10/2018 declaring NIL income after claiming exemption U/s.

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