https://www.taxtmi.com/highlights?id=85303 ITAT reversed penalty imposed under s271I for non-submission of Form 15CA/15CB regarding overseas transactions. Following precedent in M/s Vinay Diamond matter, tribunal acknowledged CBDT Notification GSR 978(E) which exempts certain payments from Form 15CA/15CB filing requirements. Specifically, advance payments against imports fall under exempted categories per Rule 37BB. Tribunal concluded penalty cannot be levied for import-related payments, ruling in appellant's favor. Decision reinforces regulatory exemptions for specified international transactions and clarifies compliance obligations for cross-border advance payments. en-us Thu, 30 Jan 2025 08:24:30 +0530 Thu, 30 Jan 2025 08:24:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=85303 ITAT reversed penalty imposed under s271I for non-submission of Form 15CA/15CB regarding overseas transactions. Following precedent in M/s Vinay Diamond matter, tribunal acknowledged CBDT Notification GSR 978(E) which exempts certain payments from Form 15CA/15CB filing requirements. Specifically, advance payments against imports fall under exempted categories per Rule 37BB. Tribunal concluded penalty cannot be levied for import-related payments, ruling in appellant's favor. Decision reinforces regulatory exemptions for specified international transactions and clarifies compliance obligations for cross-border advance payments. Highlights Income Tax Thu, 30 Jan 2025 08:24:30 +0530 https://www.taxtmi.com/highlights?id=85303