https://www.taxtmi.com/caselaws?id=464201 Penalty under section 271FA for alleged failure to report specified financial transactions was held unsustainable for assessment year 2013-14 because the relevant reporting mechanism and Form-60A requirement were introduced only from 01.04.2015, with further amendment from 01.04.2016. The Tribunal accepted that the statutory mechanism was not in force for the year in dispute and that the default was unintentional on the facts. The penalty was therefore deleted and the assessee's appeal succeeded. en-us Fri, 07 May 2021 00:00:00 +0530 Fri, 10 Oct 2025 13:48:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=464201 Penalty under section 271FA for alleged failure to report specified financial transactions was held unsustainable for assessment year 2013-14 because the relevant reporting mechanism and Form-60A requirement were introduced only from 01.04.2015, with further amendment from 01.04.2016. The Tribunal accepted that the statutory mechanism was not in force for the year in dispute and that the default was unintentional on the facts. The penalty was therefore deleted and the assessee's appeal succeeded. Case-Laws Income Tax Fri, 07 May 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=464201