Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2023 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (8) TMI 39 - ITAT SURATPenalty u/s 271-I - Assessee has not furnished / provided information fully related to section 195 before the AO - assessee could not submit the necessary certificate i.e. Form No.15CA in respect of the all remittance made before the AO during the scrutiny proceedings - HELD THAT:- We note that the assessees issue is squarely covered by the judgment of this Tribunal in the case of ACIT vs. Vinay Diamonds [2023 (7) TMI 1262 - ITAT SURAT] since, the remittances which were made, were against the import of goods and does not attract the provision of withholding tax and the requirement to furnish the details u/s 195(6) r.w. Rule 37BB is not mandatory. CIT(A) held that there is lack of clarification of words expressively in the provisions, and only during this assessment year and no express specification have been made for penalty for each default. The Income Tax Rules were amended w.e.f. from 16/12/215, in which the list of payments of specified nature mentioned in Rule 37BB, which do not require submission of Forms 15CA and 15CB, has been expanded from 28 to 33. The amendment though came into effect from 16th December 2015, but it is a settled law that if a statute is curative or merely declaratory of the previous law, retrospective operation is generally intended. Therefore, ld CIT(A) held that the penalty provisions u/s 271-I of the Act will not be applicable in the case and therefore ld CIT(A) deleted the same - there is no infirmity in the conclusion reached by ld CIT(A). Thus we delete the penalty imposed by the Assessing Officer - Decided in favour of assessee.
|