2021 (10) TMI 1417

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....ed by the Director of Income Tax u/s 271FA of the Income-tax Act,1961 ['the Act' for short] for non-filing of Annual Information Return as required under Rule 114E of the I.T. Rules. 2. The Ld. A.R. submitted that the assessee is a co-operative bank. He submitted that the impugned penalty was levied by Ld. Director of Income Tax (Intelligence & Criminal Investigation) in all the eight years for filing Annual Information Return, which is required is required to be filed as per provisions of section 285BA(2) read with Rule 114E of the Income Tax Rules beyond the due date prescribed. The Ld. A.R. submitted that the assessee is a cooperative bank and the co-operative banks were specifically included in rule 114E only w.e.f. 1.4.2016 on....

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....d our attention to the provisions of Rule 114E before amendment and post amendment. He submitted that the pre-amended provisions are applicable to the year under consideration and the relevant portion read as under :- "A Banking Company to which Banking Regulation Act, 1949 (10 of 1949), applies (including 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 submitted that the "co-operative banks" we....