Penalty u/s 271B not leviable on local authority as it cannot be considered to be engaged in business

National Law University Vs Additional/Joint/Deputy/Assistant Commissioner of income Tax (ITAT Delhi) ITAT Delhi held that penalty under section 271B of the Income Tax Act not leviable as assessee is a local authority and it cannot be considered to be one engaged in ‘business’ or to be earning profit. Facts- The assessee university filed return of income for the assessment year 2018-19 declaring a total income at Rs. Nil. The assessee has claimed exemption u/s 10(23C)(iiiab) of the Act for Rs. 28,69,49,640/- in its return of income for the year under consideration. The case was assigned for...