fact that
the assessee had reportable transactions in terms of section 285BA(2) of the Act.
Accordingly, show cause notice dated 26.09.2018 was issued ... since assessee had not filed AIR as per
the provisions of section 285BA(2) of the Act r.w.r. 114E of the Income
being a
"specified person" as per the provisions of section 285BA of the Act
has an obligation to file Annual Information Report ... August,
2013. In view of this, a notice was sent u/s 285BA(5) of the Act
on 27.10.2016. As there was no response, penalty
assessee fails to file AIR within time
prescribed u/s 285BA(1) . However, factually no time is prescribed u/s
285BA(1) . Section 285BA prescribes ... mentioned above, The assessee filed the returns as time prescribed u/s 285BA(5) .
Hence, the levy of penalty will be unjustified since the assessee
observed that once the provisions of section
285BA of the Act were brought to the notice of the appellant, it was not
open ... have heard the rival contentions and perused
the record. Section 285BA of the Act prescribed an
obligation to furnish Annual Information Report by the
prescribed
filing information, as to
mode and manner of filing information under section 285BA of I.Tax Act.
Moreover, there was no Chartered Accountant or advocate ... intention of the filer not to file Informations U/s 285BA on CD instead of
Informations filed U/s 285BA to I.Tax Office, Ward
According to Section 285BA of the Income Tax Act, 1961
requires certain specified persons to file an Annual Information
Return (AIR) in respect of specified ... assessee. We are of the view that the provisions of section
285BA(1) of the I.T. Act, 1961 has specified some persons to file
appellant i) bonafide belief of filing the return ii)
Provisions of section 285BA were new iii) Having no TAN
number iv) SDO Civil Pehowa being ... appellant i)
bonafide belief of filing the return ii) Provisions of section 285BA
were new iii) Having no TAN number iv) SDO Civil Pehowa being
default should be counted from the notice issued u/s 285BA(5)
in September, 2010 as the department itself was sleeping over
the matter ... there was no registration of any document as required
under section 285BA(1) of the Act and therefore, no AIR was required to be
filed
authority. The Deputy Director of Income-tax (CIB)
whereas as per section 285BA the competent authority is Director
of Income Tax (CIB) which ... have heard the rival contentions and perused
the record. Section 285BA of the Act prescribed an
obligation to furnish Annual Information Report by the
prescribed
default should be counted from the notice issued u/s 285BA(5)
in September, 2010 as the department itself was sleeping over
the matter ... there was no registration of any document as required
under section 285BA(1) of the Act and therefore, no AIR was required to be
filed
