9911796707
TMI Blog2024 (7) TMI 143X X X X Extracts X X X X X X X X Extracts X X X X ..... ns carried out by individuals, businesses, and other entities. This collected information is used to verify if the reported income of taxpayers is consistent with their spending patterns, and to detect any potential tax evasion. The assessee suo moto ought to have filed the AIR/SFT as per the provisions of section 285BA within the specified deadline. But in the present case, despite issuance of notices under section 285BA(5) and under section 271FA read with 274 of the Act, the assessee failed to file the AIR/SFT - Decided against assessee. - Shri G. D. Padamahshali, Accountant Member And Shri Subhash Malguria, Judicial Member For the Appellant : Shri Premjit Singh Kashyap, C.A. For the Respondent : Shri Sanjeev Krishna Sharma, D.R. ORDER ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... actions (SFT) latest by 31.1.2017 but the same was not filed within the due date. The Addl. CIT (I C), Lucknow issued notice dated 11.5.2017 under section 285BA(5) of the Act requiring the assessee to file SFT return for the financial year 2016-17 within 15 days of receipt of notice. Since there was no compliance on the part of the assessee, on 20.5.2019 he issued a show cause notice under section 271FA read with 274 of the Act requiring the assessee to make compliance by 10.6.2019, in response to which the assessee submitted reply on 10.6.2019 seeking extra time of 15 days for filing the SFT. However, since the assessee has not furnished the AIR/SFT till passing of the order under section 271FA of the Act, i.e. 8.11.2019, the Addl. CIT (I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o the notices issued by the Addl. CIT(I C). Moreover, the assessee has also not given any reasonable explanation for failure on its part to file the SFT within the stipulated time. Therefore, penalty under section 271FA imposed by the Addl. CIT(I C) and confirmed by the ld. CIT(A) need no interference. 7. We have heard both the parties and perused the material placed on record. The assessee Co-operative Bank, as per the provisions of section 285BA of the Income Tax Act, 1961, was required to file Specified Financial Transactions (SFT) latest by 31.1.2017, but the same was not filed. The Addl. CIT (I C), Lucknow issued notices under section 285BA(5) and under section 271FA read with 274 of the Act, but the assessee failed to file the SFT. He ..... X X X X Extracts X X X X X X X X Extracts X X X X
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