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TMI Blog2020 (3) TMI 1457X X X X Extracts X X X X X X X X Extracts X X X X ..... l these appeals, they are clubbed and heard together and consolidated-order is passed. For the sake of convenience, we shall take up ITA-No.1332/Bang/2019 and the facts narrated therein.- 2. The assessee has raised the following grounds of appeal :- 1. The Order of the learned Commissioner of Income-tax (Appeals), passed under-section 250 of the Act in so far as it is against the Appellant is opposed to law,-equity, weight of evidence, probabilities and the facts and circumstances in the-Appellant's case.- 2 The learned CIT(A) is not justified in confirming the levy of penalty on the facts-and circumstances of the case.- 3. The learned CIT(A) failed to appreciate that the provisions invoked do not apply-to the Appellant and conse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... IR) under the Section 285BA(2) of the Act r.w. Rule-114E of the I.T. Rules1962. Whereas the AIR return for the F.Y. 2005-06 has to be-filed on or before 31.3.2006. The Assessing Officer found that there are three-transactions which were to be reported in AIR, and the assessee has filed the-information on 11.3.2016. Further the assessee has filed explanations for not filing-the information and sworn statement was recorded. The Assessing Officer was not-satisfied with the explanations as the assessee has not explained reasonable cause-for non-filing of AIR. Since the assessee has not filed reportable transaction within-the due date, hence Ao levied penalty under Section 271FA of the Act by order dt.26.4.2017. Aggrieved by the order, the asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ged by the learned Authorized Representative-on the levy of penalty under Section 271FA of the Act on the co-operative bank for-non-filing information of transactions in the Annual Information Return-(AIR), under the provisions of Section 285BA(2) of the Act r.w Rule114E of I T-Rules 1962. We found as per Rule 114E of I T Rules 1962, the co-operative bank-was not included prior to amendment effective from 1.4.2016. We found the-amendment to Rule 114E of IT Rules1962, is as under: Sl.No. Nature and value of transaction Class of person (reporting person) (1) (2) (3) 1. A banking company or a co-operative bank to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in sectio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... section-271FAB, section 271FB, section 271G, section 271GA, section 271GB, section 271H, section-271I, section 271J, clause (c) or clause (d) of sub-section (1) or sub-section (2) of section 272A,-sub-section (1) of section 272AA or section 272B or sub-section (1) or sub-section (1A) of section-272BB or sub-section (1) of section 272BBB or clause (b) of sub-section (1) or clause (b) or clause-(c) of sub-section (2) of section 273, no penalty shall be imposable on the person or the assessee, as the case may be, for any failure referred to in the said provisions if he proves that there was-reasonable cause for the said failure."- We, on perusal of the facts of the case and the explanations and the grounds of-appeal duly supported by the Pape ..... X X X X Extracts X X X X X X X X Extracts X X X X
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