https://www.taxtmi.com/caselaws?id=440989 The ITAT upheld the CIT(A)'s decision to delete the penalty imposed under section 271-I of the Income Tax Act, 1961, for non-furnishing of Form 15CA/15CB. The Tribunal concluded that the remittances were for the import of goods, which did not necessitate Form 15CA/15CB submission. The amendments in Rule 37BB, effective from 16.12.2015, expanded the list of exempt payments, rendering the penalty provisions inapplicable. Consequently, the Revenue's appeal was dismissed. en-us Mon, 26 Jun 2023 00:00:00 +0530 Wed, 18 Dec 2024 17:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=440989 The ITAT upheld the CIT(A)'s decision to delete the penalty imposed under section 271-I of the Income Tax Act, 1961, for non-furnishing of Form 15CA/15CB. The Tribunal concluded that the remittances were for the import of goods, which did not necessitate Form 15CA/15CB submission. The amendments in Rule 37BB, effective from 16.12.2015, expanded the list of exempt payments, rendering the penalty provisions inapplicable. Consequently, the Revenue's appeal was dismissed. Case-Laws Income Tax Mon, 26 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=440989