2024 (5) TMI 102

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....ul Chaudhary, Hon'ble Judicial Member For the Assessee : Shri Akram Khan And Shri Jinit Shah For the Department : Shri Veerbhandra Mahajan ORDER PER NARENDRA KUMAR BILLAIYA (AM) 1. This appeal by the assessee is preferred against the order of Learned Commissioner of Income-Tax (Appeals)-58, Mumbai [hereinafter in short "Ld. CIT(A)"] dated 28.09.2023 pertaining to A.Y. 2011-12. ....

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....initiated the penalty proceedings under section 271BA for failure to furnish report under section 92E of the Act and levied penalty of Rs..1,00,000/-. 4. Assessee carried the matter before the Ld. CIT(A) but without any success. 5. Representatives of both the sides were heard at length. Case records carefully perused. The undisputed fact is that the assessee is a resident of USA and being a ....

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....educted at source. We find that the assessee did furnish report under section 92E of the Act during the course of the scrutiny assessment proceedings itself. Considering the facts of the case in totality, we do not find this to be a fit case for the levy of penalty under section 271BA of the Act. We therefore direct the Assessing Officer to delete the impugned Penalty of Rs..1,00,000/-. 7. The ....