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2020 (2) TMI 888 - AT - Income TaxPenalty proceedings initiated u/s.271BA - failure to furnish the report in prescribed Form No.3CEB in terms of provision of section 92E - HELD THAT:- On perusal of the provisions of Section 92BA of the Act, we found that once the clause in the said section is omitted by the subsequent amendment, it would be deemed that clause(i) was never been on the statute and there is no specification in omitting the said clause by the statue as to whether the proceeding initiated or action taken on this, shall continue or not. We have also perused the order of the CIT(A) dated 30.07.2019, copy of which is placed on record, thereby deleting the quantum addition in the case of the assessee following the above amendment in the provisions and relying on the decisions of Kolhapur Canesugar Works Ltd. [2000 (2) TMI 823 - SUPREME COURT], GENERAL FINANCE CO. AND ANOTHER [2002 (9) TMI 3 - SUPREME COURT], TEXPORT OVERSEAS PRIVATE LIMITED VERSUS DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE (1) (1) , BENGALURU. [2017 (12) TMI 1719 - ITAT BANGALORE] When the transactions related to the assessee falls under the clause(i) of Section 92BA of the Act, which has already been removed by the Finance Act, 2017 w.e.f. 01.04.2017, therefore, the imposition of penalty u/s.271BA of the Act for failure to furnish the report in prescribed Form No.3CEB in terms of provisions of section 92E of the Act, does not survive at all. Accordingly, we allow the appeal of the assessee and cancel the penalty levied u/s.271BA
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