Tax Penalty Quashed: Bona Fide Belief Prevails in Outward Remittance Case Under Section 271(1)(c)

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....ITAT adjudicated a tax penalty case involving outward remittances to Chinese companies. The tribunal found that the assessee was under a bona fide belief regarding Form 15CA submission, as the relevant rules prescribing the form were not notified until 01.04.2016, despite section 195(6) amendment on 01.06.2015. The lower authorities' imposition of penalty under section 271(1)(c) was deemed unjustified, given the lack of clear regulatory guidance during the relevant period. The tribunal consequently ruled in favor of the assessee, effectively quashing the penalty proceedings.....