Home Highlights September 2014 Year 2014 This

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1. Penalty u/s 271FA – Protection u/s 273B - Proper information not furnished by assessee – delay in furnishing the requisite AIR information by the appellant - bonafide...

2. Levy of penalty u/s 271FA - failure of the appellant in furnishing AIR in time - appellant had not established any reasonable cause for not filing AIR within time -...

3. Imposing penalty u/s 271FA. - failure to furnish annual information return (AIR) as required under sub-section (1) of section 285BA of the Act - the petitioner is...

4. Annual information return – AIR is not filed within time prescribed - Imposition of penalty is in accordance with the provisions of section 271FA - HC

5. Penalty for failure to furnish annual information return - no appeal is provided under the Act against the penalty levied under section 271FA of the Act. Hence, the...

6. Amendment of section 272A. - penalty for failure to answer questions, sign statements, furnish information, returns or statements, allow inspections, etc. - to include...

7. Non-filer assessee had taxable income but failed to file return u/s 139(1), later filed return in response to notice u/s 148 without considering section 50C provisions,...

8. Penalty u/s 271FA - failure to file AIR - mandatory requirements of Section 285 BA calling upon the petitioners to file the returns within a period of 60 days from the...

9. Penalty u/s 271FA - assessee responded to the notice by furnishing the ‘Nil’ transactions - in the absence of reportable transaction, the assessee is not obliged to file...

10. Penalty u/s 271FA - delay of 561 days in furnishing AIR u/s 285BA - No mala fides can be attributed to the assessee so as to invoke the penalty proceedings under section...

11. The High Court correctly distinguished between the jurisdiction vested in every person or public office and the District Registrar in determining penalty on...

12. The Reserve Bank of India (RBI) has discontinued the requirement for Authorized Dealer Category-I (AD Category-I) banks to submit a monthly return on the Liberalised...

13. Penalty u/s 271FA - assessee failed to file Annual Information Return (AIR) within the prescribed time limit, as specified in section 285BA read with rule 114E of the...

14. Penalty levied u/s 271F - assessee had failed to furnish return of income within due date - from the submission of assessee, we find that the assessee has a reasonable...

15. Additions on the basis of AIR information - if the payee does not amend its AIR information, the payer cannot be penalized for the same - AT