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TMI Blog2025 (1) TMI 870X X X X Extracts X X X X X X X X Extracts X X X X ..... ed the fact that the assessee inadvertently could not file Form 3CEB but the same was already compiled by the assessee as per the procedure of Income Tax Act and Income Tax Rules. Thus, it cannot be said that the assessee has deliberately not filed/furnished the Form 3CEB. Therefore, penalty levied under section 271BA of the Act will not survive. This finding should not be taken as precedent as in the present case the Form 3CEB was prepared prior to the search, only thing the assessee has not furnished the same during the original assessment. Hence, appeal of the assessee is allowed. - Ms. Suchitra Kamble, Judicial Member And Shri Narendra Prasad Sinha, Accountant Member For the Assessee : Shri Tushar Hemani, Sr. Advocate Shri Parimalsinh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the report before the due date. 4. Even otherwise, the penalty of Rs.1,00,000/- levied u/s.271BA of the Act is not sustainable in law as well as the facts of the case. 5. The Ld. CIT(A) erred in law and on facts of the case in upholding the validity of order u/s.271BA of the Act despite the fact that the penalty proceedings have not been conducted in the manner prescribed by the departmental instructions from time to time which were mandatory for compliance. The approval granted by the Joint Commissioner to the Ld. AO for passing the order u/s.271BA of the Act is bad in law as the DIN (Document Identification Number) of such letter granting approval is not verifiable on the Income Tax e-filing portal, thus rendering the order u/s. 271BA of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... account of disallowance of interest expenses under Section 40A(2)(b) of the Act. The CIT(A) vide order dated 03.10.2017 partly allowed the appeal of the assessee. In the meanwhile, search under Section 132 of the Act was conducted on Priya Blue Group on 19.11.2019 in which the premises of the assessee M/s. Priya Blue Industries Pvt. Ltd. were also covered. Considering the said fact, notice under Section 153A of the Act was issued on 23.12.2020. In response to the notice under Section 153A of the Act, the assessee filed return of income under Section 153A of the Act on 21.01.2021 declaring total income at Rs.3,40,05,960/-. Notice under Section 142(1) of the Act was issued on 26.09.2021 wherein the assessee was requested to furnish Assessment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Officer which is an undisputed fact. The Ld. AR submitted that Form 3CEB was not furnished electronically, however Form 3CEB was available with Transfer Pricing Officer for framing the transfer pricing assessment. The requirement of filing of Audit Report is merely a directory in nature and hence once the Audit Report has been filed physically, the same has to be treated as sufficient compliance and no case is made out for levy of penalty under Section 271BA of the Act. The Ld. AR relied upon the following decisions: - - Bhavnagar Dashashrimali Meshree Vanik Gnati ITA No.602/A/2024 - DCIT vs. Cryogas Equipment P. Ltd. ITA 415/Ahd/2020 - Ramji Mandir Religious Chariable Trust 205 ITD 150 (Ahd) - Association of Indian Panelboard Mfg. TA 655 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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