Indira Gandhi Memorial Trust v. The Joint Commissioner of Income-tax (Exemption)

Parties Involved

Facts Summary

The Indira Gandhi Memorial Trust, a registered trust running various educational institutions, filed an appeal against the penalty imposed by the Joint Commissioner of Income-tax (Exemption) under sections 271D and 271E of the Income Tax Act for the assessment year 2012-2013. The trust had received deposits from its employees and trustees, which were accounted for in the books of accounts. The trust argued that the penalty was imposed mechanically without considering the genuineness of the transactions and the absence of unaccounted money or false entries in the accounts. The trust sought relief from the penalty imposed.…

Legal Issues

• 1. Whether the penalty imposed under section 271D of the Act was justified?
• 2. Whether the penalty imposed under section 271E of the Act was justified?

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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