Director of Income Tax (I&CI), Lucknow passed under section 271FA of the
Income-tax Act, 1961 (hereinafter called in short ... against the order passed by the
Director of Income-tax under section 271FA of the Act. The Revenue has
also placed reliance upon the order
NFAC has confirmed the penalty levied under section 271FA of the
Income Tax Act, amounting to Rs. 9,73,000/- for the Assessment Year ... penalty of Rs.9,73,000/-by
passing an order u/s 271FA of the I.T. Act, 1961 [hereinafter referred
NFAC has confirmed the penalty levied under section 271FA of the
Income Tax Act, amounting to Rs. 9,73,000/- for the Assessment Year ... penalty of Rs.9,73,000/-by
passing an order u/s 271FA of the I.T. Act, 1961 [hereinafter referred
filed by two different assessee's challenging
penalty levied u/s 271FA of the Income-tax Act,1961 for default in filing ... financial year 2014-15). The Assessing Officer issued penalty notice u/s
271FA read with section 274 ,dated 19/01/2017 to the assessee
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 ... filed delayed only due to reasonable
cause.
4. That penalty u/s 271FA can't be imposed if assessee have
reasonable cause. In this
Appeals - II), Lucknow,
dated 26.11.2014, confirming imposition of penalty u/s 271FA of the
Income Tax Act, 1961 (for short the 'Act'). These ... careful perusal of the orders passed u/s 271FA of the Act, we
find that as per Item No.1 of the Table in Rule
against the levy of penalty of
Rs.2,25,900/- under section 271FA of the Income-tax Act, 1961,
imposed by the Director of Income ... order of the DIT (I&CI), Kanpur
passed under section 271FA of the Act is to be filed before the Tribunal,
which is higher
justified in levying a penalty
of Rs.15,300/- u/s271FA.
2. That the Id. Director of Income Tax (I&CI), Lucknow ... justification in imposing a penalty of Rs. 15,300/- u/s
271FA of the Income Tax Act.
3. That without prejudice in any view
Director of Income-tax (I&CI) levying the penalty u/s 271FA of the I.T.
Act, (hereinafter referred ... event of failure to file the AIR, penalty is leviable u/s 271FA of the Act.
Undisputedly the AIR was not furnished by the assessee
only grievance of the assessee is regarding
imposition of penalty u/s 271FA of the Act of Rs.54,100/- in assessment year ... view that under these facts, the penalty levied u/s 271FA is
not maintainable and we delete the same."
3
5.1 From the above
