2025 (5) TMI 1957

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....ondent : Shri Mukesh Jain, Sr. DR ORDER PER SANJAY GARG, JUDICIAL MEMBER: The present appeal has been preferred by the Assessee against the order passed by the Learned Commissioner of Income Tax (Appeal), Ahmedabad/ National Faceless Appeal Centre (NFAC), Delhi [hereinafter referred to as "Ld.CIT(A)"] passed u/s.250 of the Income Tax Act, 1961 (here-in-after referred to as "the Act") rele....

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....s 271-1 of the Income Tax Act, 1961. 4. The brief facts of the case are that during the year under consideration, the assessee had made outward remittance for importing machineries from various foreign countries. On verification of the outward remittances made to various companies at China, "AO" observed that assessee has not furnished the necessary certificate i.e. Form No. 15CA in respect of ....

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.... that the corresponding Rules prescribing the form & manner for furnishing of such information were not notified at the relevant time. The relevant Rule 37BB of the Act was amended w.e.f 01.04.2016. Prior to 01.04.2016 as per the Rule 37BB of the Act (unamended), the information relating to foreign remittance was to be provided in Form 15CA/15CB. As per the said unamended Rule, the remitter was re....

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....d the manner in which information was to be furnished has been notified w.e.f 01.04.2016. The Assessee thus was under bonafide belief that the furnishing of information in Form 15CA by him was not required as the relevant Rule 37BB as existing during the relevant period, did not prescribe for furnishing of Form 15CA in respect of remittances not chargeable to tax. Under the circumstances, the acti....