ITAT : Penalty for Trust’s belated return filing, mandatory pre-2012; 'Reasonable cause’ defense inapplicable

Bangalore ITAT upholds penalty levy u/s 272A(2)(e) on assessee-Trust for AY 2009-10, for filing of return of income u/s 139(4A) with the delay of 541 days; Rejects assessee’s stand that penalty should be deleted as the failure to file return was under the bonafide belief and advice received from former deceased Accounts-in-charge Manager of assessee Trust; ITAT remarks that for subject AY, levy of penalty was mandatory even if reasonable cause was established, observes that Parliament had inserted reference of Sec. 272A in the provisions of Sec. 273-B only vide Finance Act, 2012 w.e.f. April 1, 2012; States that “The Act does not confer any discretion on the AO not to levy penalty in case reasonable cause is shown to exist”; Relies on SC ruling for Aditanar Educational Institution to hold that the assessee claiming exemption u/s 11 should mandatorily file return of income as per Sec. 139(4A).:ITAT