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2017 (9) TMI 519 - AT - Income TaxPenalty u/s 272(A)(2)(c) - Failure to reply / supply the information sought u/s 133(3) from the Bank - compliance was made after a delay of 498 days from the date prescribed in the notice U/s 133(6) - reasons for delay - Held that:- There was inordinate delay in complying the notice. However, as noticed that there was only one notice was issued by which the information under different codes were sought. We agree with the conclusion drawn by the Income tax authorities regarding non-compliance of notice and not having a reasonable cause for the non-compliance. However, as also noticed that there was only one notice issued, therefore, the penalty can be levied only for noncompliance of the notice once and penalty cannot be levied for the information sought under different codes by the same notice. Therefore, sustain the penalty up to ₹ 49,800/- in all the three appeals and the balance amount is deleted. Appeals of the assessee partly allowed.
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