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2017 (4) TMI 1186 - ITAT MUMBAILevy of penalty under section 271BA - assessee has failed to comply with the requirement of the provisions of section 92E - Held that:- No plausible reason put forth by the assessee to establish how it was prevented by reasonable and sufficient cause from getting the Audit Report in Form 3CEB prepared by a Accountant in the prescribed proforma and filing the same before the concerned authority within the time specified, as stipulated under section 92E of the Act. Transactions of share investment, as entered into by the assessee in the case on hand, clearly fall within the ambit of the provisions of section 92E of the Act since the international transaction of investment in share capital of the assessee by the NRI Director of the assessee company falls within the ambit of section 92E of the Act. As laid out therein, it is mandatory for the person entering into an international transaction to file the Audit Report in Form 3CEB, duly prepared by an Accountant, setting out the particulars of such international transactions before the concerned authority within the time prescribed. In our considered view, the failure on the part of the assessee to furnish the Audit Report in Form 3CEB from an Accountant in the prescribed proforma within the prescribed period, without reasonable cause, is a clear violation of the provisions of section 92E of the Act and we therefore uphold the levy of penalty under section 271BA of the Act as it is clearly warranted in the factual and legal matrix of the case on hand. - Decided against assessee.
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