TaxTMI 
TaxTMI 
2020 (3) TMI 1455
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.... For the Respondent : Shri Rajendra Chandekar, D.R. ORDER The assessee has filed this appeal challenging the order dated 12-04-2019 passed by Ld CIT(A)-13, Bengaluru and it relates to the assessment year 2014-15. The assessee is aggrieved by the decision of Ld CIT(A) in confirming the penalty of Rs.3,97,100/- levied u/s 271FA of the Act. 2. The facts relating to the issue are discussed in brief....
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....nually. As per the provisions of sec.285BA(2), the AIR has to be filed electronically. 4. Hence the DIT did not recognise the manual return. Since the DIT held that the assessee has not filed AIR, he initiated penalty proceedings u/s 271FA of the Act. Since there was no response from the assessee, he levied a penalty of Rs.3,97,100/-, computed @ Rs.100/- per day from 01-09-2014 to the date on whi....
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....ng any bank or banking institution referred to in section 51 of the Act.)" He submitted that the above said portion was amended by IT (Twenty-second Amendment) Rules 2015 w.e.f. 01-04- 2016 as under:- "A Banking Company or a co-operative bank to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in section 51 of the Act.)" He subm....
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....itted that the assessee shall fall under the category of "banking company" and hence the assessee has complied with the notice issued u/s 285BA(5) of the Act. He submitted that the amendment made in Rule 114E by inserting "co-operative bank" is only clarificatory in nature. He submitted that all the assessees are covered by sec.285BA(1) of the Act and hence there exists no ambiguity as contended b....