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2011 (3) TMI 719 - HC - Income TaxImposing penalty u/s 271FA. - failure to furnish annual information return (AIR) as required under sub-section (1) of section 285BA of the Act - Held that:- with effect from the date of service of the notice dated December 17, 2008, issued under section 285BA(5) of the Act, any default on the part of the petitioner would be viewed as a conscious disregard of its statutory obligation and as such, in respect of the period subsequent thereto, the petitioner would not be entitled to the benefit of the provisions of section 273B of the Act. This view finds support in the decision of this court in the case of CIT v. Kanubhai Muljibhai Patel (2008 -TMI - 31395 - GUJARAT HIGH COURT) on which reliance has been placed on behalf of the petitioner. - the petitioner is entitled to partial relief by way of deletion of penalty till the date of service of notice dated December 17, 2008, under section 285BA(5) of the Act. However, for the remaining period, no reasonable cause as envisaged under section 273B of the Act can be said to be in existence for non-compliance with the statutory provisions. - Decided partly in favor of assessee.
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