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2023 (8) TMI 638 - ITAT CHENNAIPenalty u/s 271FAA - furnishing inaccurate statement of financial transaction or reportable account - HELD THAT:- In this case, the Prescribed Authority has notified the discrepancies vide his letter to the Reporting Entity to rectify the defects and accordingly, the revised/rectified Form 61-B was filed on 13.04.2021, 13.04.2021 and 15.04.2021 for the CY 2017, 2018 and 2019 respectively, which appears to be well within the time allowed u/s 285BA(4) of the Act. Therefore, CIT(A) was not correct in confirming the order of the Prescribed Authority that the assessee has not rectified the defects within time. Provisions of sub-section (4) of section 285BA of the Act mandate that the defect should be rectified within a period of one month from the date of such intimation and in the present case, the Reporting Entity has rectified the defects within the time limit as provided u/s 285BA(4) - In view of the above, we set aside the order passed by the ld. CIT(A) and delete the penalty levied under section 271FAA - Appeals filed by the Reporting Entity are allowed.
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