Penalty u/s 271B unsustainable on local authority not engaged in business or earning profit

National Law University Vs DCIT (ITAT Delhi) ITAT Delhi held that assessee being a local authority is not engaged in business or earning profit, accordingly, penalty u/s 271B for not getting accounts audited unsustainable. Facts- 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 faceless assessment. Notice u/s 143(2) of the Act was issued and the case was taken up for scrutiny. During the assessment proceedings Ld. AO was not satisfied with the claim of exemption for the pu...