2021 (11) TMI 39

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....gh, Accountant Member This assessee's appeal for A.Y. 2017-18, arises from order of the CIT(A), Ahmedabad dated 17-10-2017, in proceedings under section 271FA of the Income Tax Act, 1961; in short "the Act". 2. The solitary ground of appeal of the assessee is directed against the decision of ld. CIT(A) in levying penalty of Rs. 73,000/- u/s. 271F of the Act. 3. The fact in brief is that ld.....

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....o its knowledge only after a notice received by it from the office of the Director of Income Tax (I & CI) Ahmedabad on receipt of notice, the SFT return 014 for F.Y. 2016-17 was filed electronically on 28th March, 2019. The ld. counsel has also submitted that from Jan, 2017 premises of the company was under renovation therefore notices stated in the penalty order by the Director of Income Tax (I &....

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....for the period of delay at Rs. 79,000/-. The penalty amount was worked out as under:- (a) Rs. 14,000/- For the delay of 140 days from 01/02/2017 to 20/06/2017@ Rs. 100/- per day; (b) Rs. 59,000/- For the delay of 118 days from 21/06/2017 to 16/10/2017 @ rate Rs. 500/- per day. The amount of penalty was computed as per the provision of section 271FA. We do not find any merit in the plea of the....