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Showing contexts for: 271fa in Sub Registra - Bavla,, Ahmedabad vs The Director Of Income Tax, (Inci),, ... on 28 September, 2018Matching Fragments
1. This appeal by the Assessee is directed against the order of the Ld. DIT(I&CI), Ahmedabad dated 26.10.2016 pertaining to A.Y. 2012-13 and following ground has been taken:
2 ITA No. 3323/Ahd/2016. A.Y. 2012-13
1. The ld. DIT(I&CI) has erred in law and on facts in levying penalty of Rs. 1,15,100/- u/s. 271FA without properly considering and appreciating the facts of the case.
4. In view of the above, the transactions made by way of development agreement are covered within the meaning of "specified financial transaction" for the purposes of sub-section (3) of Section 285BA which, inter-alia, includes any transaction of sale, or of transfer of right or interest in a property, or any transaction for rendering any service.
5. Against the aforesaid backdrop, I hold that AIR was required to be filed in respect of the transactions conducted w.r.t. both the Development Agreements. Since the SRO concerned has defaulted in filing the AIR in respect of both the Agreements, which were due to be filed on 31-08-2013, penalty u/s. 271FA is levied @ Rs.100 per day for a total of 1151 days (01/09/2013 to 25/10/2016). The penal amount works out to Rs.1,15,100/-.
5. He levied the penalty of Rs. 1,15,100/-.
6. We have gone through the relevant record and impugned order. In this case, assessee is working as a sub-registrar with the Govt. of Gujarat. His job is to register document pertaining to moveable or immovable property. In this case, two of the developer agreements were not submitted to the Income Tax Authorities for which penalty was levied by the Income Tax Department. Appellant's contention is that as per Office Memorandum of dated 10 May, 2007 sub-registrar is supposed to send the details pertaining to purchase or sale by any person of immovable property valued at Rs. 30 lacs or more and according to appellant these two agreements were not with regard to sale and purchase. On the other hand, revenue stand was that as per Section 271FA sub-registrar is duty bound to send statement of financial transaction or reportable account.