2020 (6) TMI 830

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.... impugned penalty was levied by Ld. Director of Income Tax (Intelligence & Criminal Investigation) in all the three 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 co-operative bank and the co-operative banks were specifically included in rule 114E only w.e.f. 1.4.2016 only. Hence, there was an ambiguity as to whether the co-operative banks are required to comply with the provisions of rule 114E of the rules or not. Hence, there was delay in filing the annual information return, which was on account of bonafide belief only. The Ld. A.R. submitted....

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.... 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" were specifically included with effect from 01-04-2016 and hence there was a view that the co-operative banks are not required to furnish AIR information. In view of the above said ambiguity, the assessee has not filed the AIR information. He submitted that the assessee has furnished t....