If the Trust has invested amount in earlier as AOP and now the trust has registered u/s 12 AA and the Donations received during the year and surplus arise during the year can be adjusted for Income Tax Purpose u/s 11(5)
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Trust has applied for registration u/s 12 AA in the Assessment year 2005-06 and the Application has been rejected by the Commissioner Income Tax and after that Trust has filed the ITAT Appeal in ITAT Appeal Trust has succeeded and after that the Trust has received the Registration u/s 12AA from the Date of original application and now the trust wants to file the IT Return pending form the Assessment Year 2005-06 in that case whether the penalty can be levied for non filing of IT Return or not or it can be exempt due to the matter was in Appeal .
Penalty for Non-filing of return of income
Mr.Gopal Kumar Agarwal
The word used in section 271F "may" .. the assessing officer "may " direct direct that such person shall pay, by way of penalty, a sum of five thousand rupees. The statute has given a discretionary power the assessing officer by using the word "may". Hence the AO can waive the penalty as the trust is having reasonable cause for not filing the return of income before the due date.
Best Wishes
Sathikonda
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