ITAT upheld penalty for late filing of financial transactions statement. Compliance with section 285BA is key.

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....The Appellate Tribunal held that the penalty u/s 271FA for delay in filing the Statement of Financial Transaction (SFT) without reasonable cause was justified. The SFT filing is crucial for tracking high-value financial transactions to prevent tax evasion. The assessee failed to provide a valid reason for the delay in filing, despite notices issued. Compliance with section 285BA is mandatory, and the failure to submit the SFT within the deadline resulted in the penalty being upheld against the assessee.....