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2022 (10) TMI 822 - AT - Income TaxPenalty u/s 271FA - delay in filing of Form SFT as per Section 285 BFA - HELD THAT:- Going through the co-joint reading of Section 285BA and Section 271FA of the Income Tax Act, we are of the view that it was a statutory obligation on the part of the assessee to furnish AIR as has been specified in Section 285BA of the Act. However, the assessee bank i.e.Sawaimadhopur Urban Cooperative Bank Ltd falling within the ambit of Section 285BA of the Act failed to comply with the legal requirements for the period 2018-19. A Notice dated 20-12-2019 was issued by the AO which was received by the assessee on 30-12-2019 and the assessee complied with the requirement of Section 285BA of the Act by filing the Annual Information Return SFT-003 on 12-02-2020, SFT-004 on 18-02-2020, SFT-005 on 20-02-2020. However, while doing so, there was delay of 264 days in furnishing the AIR for the period under consideration. Since it was a statutory obligation on the part of the assessee bank to furnish AIR as a specified instruction u/s 285BA, therefore, any argument of the assessee with regard to ignorance of law or adopting casual and cavalier attitude is of no help to the assessee. CIT(A) has passed the well reasoned order by holding that the assessee bank has not given any reasonable cause of statutory non-compliance of filing of SFT within due time. Therefore, we find no reason to interfere with the order of the ld. CIT(A) which is sustained. Thus the appeal of the assessee is dismissed with no order as to costs.
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