Penalty levied u/s 271FA for delay in filing Statement of ...

Penalty deleted for delayed financial transaction reporting due to ignorance & tech issues.

Case Laws Income Tax

October 19, 2024

Penalty levied u/s 271FA for delay in filing Statement of Financial Transactions (SFT) was challenged. The assessee delayed 255 days in complying with Section 285BA, citing unawareness of SFT filing requirement and technical issues with the income tax portal. Following previous ITAT decisions in similar cases, it was held that the breach was a technical or venial breach arising from bona fide ignorance. Considering the assessee's explanation of lack of knowledge and the fact that only one transaction was reported, the penalty u/s 271FA was deleted, and the assessee's appeal was allowed.

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Penalty levied u/s 271FA for delay in filing Statement of ...

Penalty deleted for delayed financial transaction reporting due to ignorance & tech issues.

Case Laws Income Tax

October 19, 2024

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