2024 (7) TMI 143

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....red on facts and in law in imposing penalty of Rs. 751,000/- u/s 271FA of I.T. Act for delay in filing SFT statement as per section 285BA read with rule 114E of I.T. Rules. 2. That Ld. ADIT (I & C) erred in not appreciating the fact that there was a reasonable cause for delay in filing of SFT return. 3. That Ld. CIT(A) erred in not accepting the fact that SFT return for FY 16-17 was filed delayed only due to reasonable cause. 4. That penalty u/s 271FA can't be imposed if assessee have reasonable cause. In this regard assessee has relied upon the judgement of Hon'ble ITAT Nagpur in case of Dr. Babasaheb Ambedkar Urban Co-operative Bank Ltd vs DIT (1 & C). 2. There is a delay of 6 days in filing of this a....

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....o file SFT return, however, the assessee did not file the same; that the assessee has also not given any reasonable or justifiable cause for failure to file SFT return on time; and that merely stating that the Officer in charge was not aware of the provisions and kept the notice in file shows the careless attitude of assessee towards statutory notices issued by the department. He accordingly dismissed the appeal of the assessee. 5. Before us, the authorized representative of the assessee, Shri Premjit Singh Kashyap, C.A. submitted that the ADIT (I&C) has not appreciated the fact that there was reasonable cause for delay in filing of SFT and no penalty under section 271FA can be imposed if the assessee has reasonable cause in filing of th....

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.... the assessee has reasonable cause in filing of the SFT, in support of which reliance was placed on the order of the ITAT Nagpur Bench in the case of Dr Babasaheb Ambedkar Urban Co-operative Bank Ltd. Vs. DIT (I&C). 8. In the case of Dr Babasaheb Ambedkar Urban Cooperative Bank Ltd. Vs. DIT (I&C) in ITA Nos. 36 to 43/NAG/2019 for assessment year 2008-09 to 2015-16, the Nagpur Bench of Tribunal deleted the penalty imposed under section 271FA of the Act owing to the fact that there was reasonable cause for the assessee in not filing the AIRs in terms of section 285BA of the Act, whereas in the present case, the assessee has not adduced any reasonable cause for not filing the SFT. Therefore, the case law relied upon by the assessee is of no....