Opportunity to furnish unsecured-loan confirmations is required before reassessment initiation; proceedings require fresh consideration after taxpayer...
Under-reporting on a first reassessment return attracts penalty, while enhanced misreporting penalty requires proof of a statutory misreporting catego...
Penalty levied u/s 271FA for delay in filing Statement of Financial Transactions (SFT) was challenged. The assessee delayed 255 days in complying with Section 285BA, citing unawareness of SFT filing requirement and technical issues with the income tax portal. Following previous ITAT decisions in similar cases, it was held that the breach was a technical or venial breach arising from bona fide ignorance. Considering the assessee's explanation of lack of knowledge and the fact that only one transaction was reported, the penalty u/s 271FA was deleted, and the assessee's appeal was allowed.
Penalty levied u/s 271FA for delay in filing Statement of Financial Transactions (SFT) was challenged. The assessee delayed 255 days in complying with Section 285BA, citing unawareness of SFT filing requirement and technical issues with the income tax portal. Following previous ITAT decisions in similar cases, it was held that the breach was a technical or venial breach arising from bona fide ignorance. Considering the assessee's explanation of lack of knowledge and the fact that only one transaction was reported, the penalty u/s 271FA was deleted, and the assessee's appeal was allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4916 
