AI Drafter ✕

Generate professional replies to Show Cause Notices, assessment orders, audit objections, and other legal communications using TaxTMI's AI Drafter.

Step 1 – Issue Identification & Review

The AI analyses your query, notice, order, or uploaded documents and identifies the key issues involved.

• Review the issues identified by the AI
• Add, edit, remove, or refine issues as required

Step 2 – Draft Generation

Once you approve the issues, the AI performs issue-wise legal research and prepares a structured draft response.

• Relevant statutory provisions
• Judicial precedents and Supreme Court, High Court and other citations
• Issue-wise legal analysis
• Practical arguments and supporting content
• Professionally structured draft ready for further review.

Try Now →

Call Us / Help / Feedback✕

TMI Blog

Home /

Previous Next

Penalty u/s 271FA for non-filing of SFT was unjustified as no reportable transactions were identified.

X X X X Extracts X X X X

Full Text of the Document

X X X X Extracts X X X X

....The ITAT Delhi ruled on penalty u/s 271FA for non-filing of return/Statement of Financial Transaction (SFT) u/s 285BA(1). Assessee reported no reportable transactions in Tax Audit Report, thus no SFT filing was required. Penalty was imposed despite the absence of reportable transactions. Citing M/S Guntur District Co-operative Central Bank Ltd., ITAT held that the assessee's belief of no filing requirement due to lack of reportable transactions was reasonable under u/s 273B. AO was directed to delete the penalty u/s 271FA. The assessee's ground was allowed.....

Previous Next

Contact Us At :

FAQs :

Most Asked Video Tutorials :

Submit Feedback/Suggestion :

Penalty u/s 271FA for non-filing of SFT was unjustified as no reportable transactions were identified.