https://www.taxtmi.com/caselaws?id=418729 The Tribunal allowed the appeal, directing the obliteration of the penalty imposed under Section 271BA for non-filing of the accountant report under Section 92E of the Income Tax Act. The appellant, a Government of India PSU, successfully argued that there was a reasonable cause for the non-filing due to a genuine belief that the transaction was not international. The Tribunal considered the appellant's compliance efforts post-realization and waived the penalty, emphasizing that penalties should not be imposed for technical breaches or when non-compliance stems from a bona fide belief. en-us Mon, 14 Feb 2022 00:00:00 +0530 Wed, 23 Feb 2022 08:28:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418729 The Tribunal allowed the appeal, directing the obliteration of the penalty imposed under Section 271BA for non-filing of the accountant report under Section 92E of the Income Tax Act. The appellant, a Government of India PSU, successfully argued that there was a reasonable cause for the non-filing due to a genuine belief that the transaction was not international. The Tribunal considered the appellant's compliance efforts post-realization and waived the penalty, emphasizing that penalties should not be imposed for technical breaches or when non-compliance stems from a bona fide belief. Case-Laws Income Tax Mon, 14 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418729