https://www.taxtmi.com/caselaws?id=753233 ITAT Delhi held that penalty u/s 271FA for non-filing of Statement of Financial Transaction (SFT) u/s 285BA(1) was not justified. The assessee's tax audit report showed no reportable transactions requiring filing of Forms 61, 61A, or 61B. The AO and CIT(A) failed to identify any reportable transactions necessitating SFT filing within prescribed due dates. Following precedent, the tribunal found the assessee had bonafide belief that no return was required absent reportable transactions, constituting reasonable cause u/s 273B. The penalty was ordered deleted and assessee's appeal allowed. en-us Mon, 08 Jan 2024 00:00:00 +0530 Tue, 28 May 2024 14:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753233 ITAT Delhi held that penalty u/s 271FA for non-filing of Statement of Financial Transaction (SFT) u/s 285BA(1) was not justified. The assessee's tax audit report showed no reportable transactions requiring filing of Forms 61, 61A, or 61B. The AO and CIT(A) failed to identify any reportable transactions necessitating SFT filing within prescribed due dates. Following precedent, the tribunal found the assessee had bonafide belief that no return was required absent reportable transactions, constituting reasonable cause u/s 273B. The penalty was ordered deleted and assessee's appeal allowed. Case-Laws Income Tax Mon, 08 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753233