https://www.taxtmi.com/caselaws?id=309893 The Tribunal set aside the CIT(A)'s order, directing the DIT to cancel the penalties imposed under section 271FA of the Income-tax Act for assessment years 2013-14 to 2015-16. The appellant, a cooperative bank, successfully argued a bona fide belief and reasonable cause under section 273B, leading to the deletion of penalties for delayed filing of the Annual Information Return. The Tribunal recognized the ambiguity in Rule 114E's applicability to cooperative banks before its 2016 amendment, aligning with a precedent case. Consequently, the appeals were allowed, and penalties were annulled. en-us Fri, 26 Jun 2020 00:00:00 +0530 Wed, 18 Dec 2024 15:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=309893 The Tribunal set aside the CIT(A)'s order, directing the DIT to cancel the penalties imposed under section 271FA of the Income-tax Act for assessment years 2013-14 to 2015-16. The appellant, a cooperative bank, successfully argued a bona fide belief and reasonable cause under section 273B, leading to the deletion of penalties for delayed filing of the Annual Information Return. The Tribunal recognized the ambiguity in Rule 114E's applicability to cooperative banks before its 2016 amendment, aligning with a precedent case. Consequently, the appeals were allowed, and penalties were annulled. Case-Laws Income Tax Fri, 26 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=309893