https://www.taxtmi.com/caselaws?id=434650 The Tribunal allowed the appellant's appeal and deleted the penalty of Rs. 1,50,000/- imposed under Section 271FA for failure to file the Statement of Financial Transaction (SFT) on time. The Tribunal found the delay in filing the SFT to be a technical breach without malicious intent, emphasizing the complexity of tax laws and the importance of judicial discretion in penalty imposition. The decision highlighted the appellant's genuine belief and absence of deliberate non-compliance with the law, leading to the deletion of the penalty. en-us Wed, 11 Jan 2023 00:00:00 +0530 Tue, 28 Feb 2023 11:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=434650 The Tribunal allowed the appellant's appeal and deleted the penalty of Rs. 1,50,000/- imposed under Section 271FA for failure to file the Statement of Financial Transaction (SFT) on time. The Tribunal found the delay in filing the SFT to be a technical breach without malicious intent, emphasizing the complexity of tax laws and the importance of judicial discretion in penalty imposition. The decision highlighted the appellant's genuine belief and absence of deliberate non-compliance with the law, leading to the deletion of the penalty. Case-Laws Income Tax Wed, 11 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=434650