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then, the prescribed income-tax authority under sub-section (1) of section 285BA may direct that such person shall pay, by way of penalty

assessee was required to file Statement of Financial Transaction as per Sec. 285BA of the IT Act, 1961 r.w.r. 114E ... ADDL./JDIT (I&CI), Jaipur issued a notice u/s 285BA(5) on 20/12/2019 which was served upon the appellant

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

Statement of Reportable Account furnished under sub section (1) to section 285BA of the Act for the above calendar years were inaccurate on account ... Form 61-B was filed well within the time allowed under section 285BA(4) of the Act and therefore, the penalty is leviable under section

Portal. Therefore details relating to allotment of shares as required u/s. 285BA(5) were forwarded to the Director of Income ... intention to avoid the information required to be furnished u/s 285BA of the Act. Levy of penalty without considering detailed explanation and reasonable cause

assessee is a Cooperative bank. As per the provisions of section 285BA of the Act, an obligation has been cast upon the assessee to furnish ... gone through the relevant material on record, it is seen that section 285BA was inserted by the Finance

record in detail. In order to avoid the provision of Section 285BA read with Rule 114E, which casts a responsibility on the person covered under ... opinion that assessee in order to avoid the provision of Section 285BA read with Rule 114E, which casts a responsibility on the person covered under

good self or reporting level by the concerned entity/bank U/S 285BA of the Act. Signature Not Verified Digitally Signed By:TARUN RANA ... exact nature and detail of each entry as reported u/s 285BA by any entity bank so that the assessee is being provided an opportunity

shown sufficient and reasonable cause. It is submitted that under Section 285BA(1)(b) of the Income Tax Act, the petitioner is required to furnish ... relation to certain specified financial transactions. Under sub section 2 of Section 285BA , the information is to be furnished after the end of the financial

correctly on their ‘total income’, namely, sections 142, 131, 133, 133A and 285BA. It is submitted that apart from this, the Department keeps getting information