https://www.taxtmi.com/caselaws?id=765329 ITAT Surat held that no penalty under section 271I was leviable for failure to furnish Form 15CA/15CB regarding overseas transactions. The tribunal relied on CBDT Notification G.S.R.978(E) dated 16.12.2015 and Rule 37BB, which exempts certain specified payments including advance payments against imports from Form 15CA/15CB submission requirements. Following precedent in Vinay Diamond case, the tribunal ruled that penalties cannot be imposed for import payments and decided in favor of the assessee. en-us Tue, 10 Dec 2024 00:00:00 +0530 Thu, 30 Jan 2025 08:24:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765329 ITAT Surat held that no penalty under section 271I was leviable for failure to furnish Form 15CA/15CB regarding overseas transactions. The tribunal relied on CBDT Notification G.S.R.978(E) dated 16.12.2015 and Rule 37BB, which exempts certain specified payments including advance payments against imports from Form 15CA/15CB submission requirements. Following precedent in Vinay Diamond case, the tribunal ruled that penalties cannot be imposed for import payments and decided in favor of the assessee. Case-Laws Income Tax Tue, 10 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765329