https://www.taxtmi.com/caselaws?id=414258 The Appellate Tribunal ITAT Ahmedabad reduced the penalty imposed under section 271FA of the Income Tax Act, 1961 on a cooperative bank for failing to file SFT-014 for the assessment year 2017-18. The original penalty of Rs. 73,000 was reduced to Rs. 25,800 due to the lack of specificity in the notices served by the Director of Income Tax. The Tribunal acknowledged the obligation of the bank to file the SFT return but considered the circumstances of renovation affecting receipt of notices. The appeal was partially allowed on 25th October 2021. en-us Mon, 25 Oct 2021 00:00:00 +0530 Sun, 31 Oct 2021 19:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=414258 The Appellate Tribunal ITAT Ahmedabad reduced the penalty imposed under section 271FA of the Income Tax Act, 1961 on a cooperative bank for failing to file SFT-014 for the assessment year 2017-18. The original penalty of Rs. 73,000 was reduced to Rs. 25,800 due to the lack of specificity in the notices served by the Director of Income Tax. The Tribunal acknowledged the obligation of the bank to file the SFT return but considered the circumstances of renovation affecting receipt of notices. The appeal was partially allowed on 25th October 2021. Case-Laws Income Tax Mon, 25 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=414258