https://www.taxtmi.com/highlights?id=72219 Penalty u/s 271FA - not filing the AIR for the relevant AY - Prior to 01.04.2015 - the assessee being a Souhardha Sahakari, there was ambiguity as to whether Co-operative Banks are required to comply with the provisions of Rule 114E of the Rules, meaning thereby, the bonafide belief of the assessee would constitute a reasonable cause as mandated as per section 273B of the Act for the failure to furnish AIR for the relevant years under consideration. - AT en-us Tue, 26 Sep 2023 15:36:05 +0530 Wed, 27 Sep 2023 10:33:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=72219 Penalty u/s 271FA - not filing the AIR for the relevant AY - Prior to 01.04.2015 - the assessee being a Souhardha Sahakari, there was ambiguity as to whether Co-operative Banks are required to comply with the provisions of Rule 114E of the Rules, meaning thereby, the bonafide belief of the assessee would constitute a reasonable cause as mandated as per section 273B of the Act for the failure to furnish AIR for the relevant years under consideration. - AT Highlights Income Tax Tue, 26 Sep 2023 15:36:05 +0530 https://www.taxtmi.com/highlights?id=72219