https://www.taxtmi.com/caselaws?id=464156 ITAT, Nagpur held that section 271FA is subject to s.273B; where a reasonable cause exists for non-compliance with s.285BA, penalty under s.271FA cannot be levied. The taxpayer, a small urban cooperative bank, was unaware of the AIR-filing obligation from 01-04-2004, filed the AIRs promptly once informed during inspection, and therefore established reasonable cause. The penalty under s.271FA was deleted and the appeal of the assessee was allowed. en-us Thu, 24 Aug 2023 00:00:00 +0530 Wed, 08 Oct 2025 08:46:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=464156 ITAT, Nagpur held that section 271FA is subject to s.273B; where a reasonable cause exists for non-compliance with s.285BA, penalty under s.271FA cannot be levied. The taxpayer, a small urban cooperative bank, was unaware of the AIR-filing obligation from 01-04-2004, filed the AIRs promptly once informed during inspection, and therefore established reasonable cause. The penalty under s.271FA was deleted and the appeal of the assessee was allowed. Case-Laws Income Tax Thu, 24 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=464156