TMI Blog2017 (8) TMI 373X X X X Extracts X X X X X X X X Extracts X X X X ..... t Bathinda’s case (2014 (9) TMI 499 - PUNJAB & HARYANA HIGH COURT ). - Decided against assessee. - ITA No. 105 of 2017 (O&M) - - - Dated:- 18-5-2017 - MR. AJAY KUMAR MITTAL AND MR. HARINDER SINGH SIDHU, JJ. For The Appellant-Assessee : Mr. Ajay Shekhawat, Advocate ORDER Ajay Kumar Mittal,J. 1. This order shall dispose of ITA Nos. 105, 106, 108, 109 and 151 of 2017 as the Tribunal vide one consolidated order dated 06.09.2016 impugned in these appeals decided the same. However, the facts are being extracted from the ITA No.105 of 2017. 2. ITA No. 105 of 2017 has been preferred by the appellant Sub- Registrar, Bhiwani under Section 260A of the Income Tax Act, 1961 (in short, the Act ) against the order dated 06.09.2016, Annexure.9, passed by the Income Tax Appellate Tribunal, Delhi Division Bench Friday-C , New Delhi (in short, the Tribunal ) in ITA No. 5737/DEL/2012, for the financial year 2008-09, claiming following substantial questions of law:- ( i) Whether the penalty imposed in the present case is in contravention of Section 275 being time barred when the penalty proceedings were initiated on 30.11.2006 with the issuance of notice under Sect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... AIR. On 29.11.2010, the appellant filed copy of provisional receipt for the financial year 2007-08 along with its written reply stating therein the reasonable cause for not filing the AIR in time. The Director of Income Tax (CIB), Chandigarh held the appellant liable for penalty under Section 271FA of the Act for the financial years under consideration. Aggrieved by the order, the appellant filed an appeal before the Commissioner of Income Tax (Appeals) [CIT(A)] on 20.05.2011. Vide order dated 21.08.2012, Annexure A.4, the CIT(A) partly allowed the appeal filed by the appellant following the judgment of the High Court of Gujarat in the case of Patan Nagrik Sarkari Bank Vs. DIT, (2011) 240 CTR 113 whereby penalty up to the date of service of first notice was cancelled and for the remaining period the same was sustained. Still not satisfied, the appellant filed an appeal before the Tribunal. Vide order dated 09.02.2015, Annexure A.7, the Tribunal dismissed the appeal filed by the appellant. The Tribunal had given findings on ground No.1 only and remaining grounds 2 to 4 remained unattended. Therefore, the appellant filed miscellaneous application seeking rectification of the ord ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an annual information return in respect of such specified financial transaction which is registered or recorded by him during any financial year beginning on or after the 1st day of April, 2004 and information relating to which is relevant and required for the purposes of this Act, to the prescribed income-tax authority or such other authority or agency as may be prescribed. ( 2) The annual information return referred to in sub-section (1) shall be furnished within the prescribed time after the end of such financial year, in such form and manner (including on a floppy, diskette, magnetic cartridge tape, CD-ROM or any computer readable media) as may be prescribed. (3) For the purposes of sub-section (1), specified financial transaction means any- ( a) transaction of purchase, sale or exchange of goods or property or right or interest in a property; or ( b) transaction for rendering any service; or ( c) transaction under a works contract; or ( d) transaction by way of an investment made or an expenditure incurred; or ( e) transaction for taking or accepting any loan or deposit, which may be prescribed . Provided that the Board m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion (3) defines the specified financial transaction to mean any transaction of purchase, sale or exchange of goods or property or right or interest in a property or transaction for rendering any service or transaction under a works contract or transaction by way of an investment made or expenditure incurred or a transaction for taking or accepting any loan or deposit as may be prescribed. It has also been provided that the Board may prescribe different monetary values of different transactions in respect of different persons. The said sub section further provides that the value or the aggregate value of such transaction during a financial year so prescribed shall not be less than fifty thousand rupees. By virtue of sub section (4), the defective annual information return can be rectified by the person furnishing it under sub section (1) to the prescribed income tax authority. An intimation of the defect and opportunity to remove the same shall be provided by the said authority. The period for removing the defect would be one month from the date of intimation or any further period which the prescribed income tax authority may allow. In the event of failure to cure the defect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... recorded by the Tribunal that the assessee had not established any reasonable cause for not filing AIR within time. The assessee also failed to file any documentary evidence supporting the version submitted by him. Thus, the Tribunal rightly held the penalty levied to be valid. The relevant findings recorded by the Tribunal read thus:- Keeping in view of the aforesaid discussion, we are of the considered view that assessee has not established any reasonable cause for not filing the Annual Information Return (AIR) within time. Secondly, assessee has also failed to file any documentary evidence supporting the version submitted before the Revenue Authority as well before us. According to the provisions of law applicable to the case of the assessee as well as decision cited by the assessee before the Revenue Authority and before us, after thoroughly going through the same, we are of the considered view that the facts and circumstances of the present case are not identical to the facts of the case relied upon by the assessee s counsel. Assessee has also failed to establish any bonafide in not filing the AIR within time, inspite of the fact that assessee is holding a very responsi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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