Penalty U/s. 271B not leviable if Assessee had Bona fide belief that accounts not liable for audit U/s. 44AB

United Education Society Vs JCIT (ITAT Delhi)  Undisputedly, the assessee society is registered under section 12A of the Act as a charitable trust engaged in charitable activities for imparting education through its colleges. It is also not in dispute that the assessee society has been claiming exemption under section 11 of the Act on the ground that no business is being carried out by it. Bare perusal of the provisions contained under section 44AB of the Act goes to prove that the same are applicable to the person carrying on business or profession and is required to get its account mandator...