JHALAWAR KENDRIYA SAHAKARI BNAK LTD,JHALAWAR vs. ADL/ADIT (I&CI), JAIPUR

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ITA 313/JPR/2022Status: DisposedITAT Jaipur11 January 2023AY 2019-2020Bench: HON’BLE SHRI SANDEEP GOSAIN (Judicial Member)15 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the delay in filing the SFT was due to institutional problems and lack of technical knowledge among branch managers, which constituted a reasonable cause. Relying on judicial precedents, the Tribunal found that the breach was technical and venial, without any contumacious or dishonest conduct by the assessee.

What were the facts?

The assessee, a cooperative bank, failed to file a Statement of Financial Transaction (SFT) by the due date for the financial year 2018-19. Despite being issued notices and a show cause, the assessee submitted the SFT late with reasons for the delay, citing institutional and connectivity issues. The Assessing Officer imposed a penalty under Section 271FA for the delay.

What were the issues?

Whether the penalty imposed under Section 271FA for delayed filing of SFT is justified when the assessee has provided reasonable cause for the delay.

Which sections of the Income-tax Act were involved?

Section 271FA,Section 285BA

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Cases cited in this judgment(3)Show list

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Income Tax Appellate Tribunal, JAIPUR BENCHES,”SMC” JAIPUR

Before: HON’BLE SHRI SANDEEP GOSAINvk;dj vihy la-@ITA No. 313/JP/2022

For Appellant: Shri Shrawan Kumar Gupta, Advocate jktLo dh vksj ls@
Hearing: 23/11/2022Pronounced: 11/01/2023
1.

vihykFkhZ@The Appellant-Jhalawar Kendriya Sahakari Bank Ltd., Jhalawar. 2. izR;FkhZ@ The Respondent- The ADL/ADIT (I & CI), Jaipur. 3. vk;dj vk;qDr@ CIT 4. vk;dj vk;qDr@ CIT(A)

vkns'kkuqlkj@ By order,

सहायक पंजीकार@Aेेज. त्महपेजतंत

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