https://www.taxtmi.com/highlights?id=77909 The ITAT Delhi ruled on penalty u/s 271FA for non-filing of return/Statement of Financial Transaction (SFT) u/s 285BA(1). Assessee reported no reportable transactions in Tax Audit Report, thus no SFT filing was required. Penalty was imposed despite the absence of reportable transactions. Citing M/S Guntur District Co-operative Central Bank Ltd., ITAT held that the assessee's belief of no filing requirement due to lack of reportable transactions was reasonable under u/s 273B. AO was directed to delete the penalty u/s 271FA. The assessee's ground was allowed. en-us Wed, 29 May 2024 08:31:10 +0530 Wed, 29 May 2024 08:31:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=77909 The ITAT Delhi ruled on penalty u/s 271FA for non-filing of return/Statement of Financial Transaction (SFT) u/s 285BA(1). Assessee reported no reportable transactions in Tax Audit Report, thus no SFT filing was required. Penalty was imposed despite the absence of reportable transactions. Citing M/S Guntur District Co-operative Central Bank Ltd., ITAT held that the assessee's belief of no filing requirement due to lack of reportable transactions was reasonable under u/s 273B. AO was directed to delete the penalty u/s 271FA. The assessee's ground was allowed. Highlights Income Tax Wed, 29 May 2024 08:31:10 +0530 https://www.taxtmi.com/highlights?id=77909