https://www.taxtmi.com/caselaws?id=362630 The Tribunal, after considering the challenges faced by the assessee in filing the Annual Information Return (AIR) on time due to manpower shortage and administrative constraints, held that penalties under section 271FA should not be imposed. Citing Section 273B and the Hindustan Steel Ltd case, the Tribunal emphasized that penalties should not be levied for technical breaches when reasonable cause is proven. Consequently, the Tribunal allowed both appeals, stressing the importance of exercising discretion in penalty imposition for statutory obligations, particularly when delays are beyond the assessee's control. en-us Wed, 27 Jun 2018 00:00:00 +0530 Fri, 29 Jun 2018 07:17:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=362630 The Tribunal, after considering the challenges faced by the assessee in filing the Annual Information Return (AIR) on time due to manpower shortage and administrative constraints, held that penalties under section 271FA should not be imposed. Citing Section 273B and the Hindustan Steel Ltd case, the Tribunal emphasized that penalties should not be levied for technical breaches when reasonable cause is proven. Consequently, the Tribunal allowed both appeals, stressing the importance of exercising discretion in penalty imposition for statutory obligations, particularly when delays are beyond the assessee's control. Case-Laws Income Tax Wed, 27 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=362630