https://www.taxtmi.com/caselaws?id=182271 The Tribunal set aside the penalty of 1,00,000 imposed under section 271BA of the Income Tax Act for the assessment year 2006-07. The Tribunal found that the assessee had a reasonable cause for the delay in filing the required report on international transactions, as it was obtained before the due date and provided to the Assessing Officer in time. Relying on legal provisions and precedent, including the decision in Hindustan Steel vs. State of Orissa, the Tribunal concluded that the penalty was unwarranted and deleted the penalty amount. en-us Tue, 15 Jun 2010 00:00:00 +0530 Fri, 06 May 2016 14:36:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=182271 The Tribunal set aside the penalty of 1,00,000 imposed under section 271BA of the Income Tax Act for the assessment year 2006-07. The Tribunal found that the assessee had a reasonable cause for the delay in filing the required report on international transactions, as it was obtained before the due date and provided to the Assessing Officer in time. Relying on legal provisions and precedent, including the decision in Hindustan Steel vs. State of Orissa, the Tribunal concluded that the penalty was unwarranted and deleted the penalty amount. Case-Laws Income Tax Tue, 15 Jun 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=182271