Penalty u/s 271FA Deemed Unjustified for Assessee Due to Absence of Reportable Transactions in AIR Filing.

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....Penalty u/s 271FA - assessee responded to the notice by furnishing the ‘Nil’ transactions - in the absence of reportable transaction, the assessee is not obliged to file the AIR and levy of penalty u/s 271FA is unjustified.....