Sec. 271AAB of Income-tax Act, 1961 - Penalty - There was a search conducted on 25th July, 2013. The assessee submitted that income found is anonymous donations received and filed the return of income on 30th Oct., 2013. Before the AO admitted the income during course of search and offered for tax and requested that penalty may be imposed @ 10 per cent. The AO did not accept the request on the ground that the assessee did not file return of income on or before 31st Oct., 2013 and only filed on 3rd Nov., 2014 which is much after specified date. Accordingly, he levied penalty under sub-cl. (c) to sub-s. (1) to under s. 271AAB at 30 per cent. CIT(A) observed that the assessee filed the return of income within the due date as extended by the CBDT F. No. 225/117/2013/ITA II, dt. 24th Oct., 2013 and directed the AO to recompute the penalty at 10 per cent. Tribunal dismissed the appeal of the revenue holding that “once the assessee has explained the way in which he derived income and also the purpose for which it is utilized, it is not necessary for the assessee being an educational society to substantiate further with the source of the income received in view of ss. 115BBC(2) and (3) of the Act. The assessee fulfilled all the conditions laid down in s. 271AAB(1)(a), therefore penalty at 10 per cent is leviable. - ASSTT. CIT V/s G.S.L. EDUCATIONAL SOCIETY - [2020] 204 TTJ 017 (UO)(ITAT-VISAKHAPATNAM)