TMI Blog2020 (6) TMI 830X X X X Extracts X X X X X X X X Extracts X X X X ..... was delay in filing the annual information return - HELD THAT:- We notice that an identical issue has been considered by this bench in the case of The Mandya Dist. Co-op. Central Bank Ltd [ 2020 (3) TMI 1455 - ITAT BANGALORE] as held as original provisions of Rule 114E of Income tax Rules did not include co-operative bank and it was inserted only in the amended provisions of Rule 114E, which came into effect from 1.4.2016. Accordingly, in our view, there is merit in the submission of the ld A.R that there existed an ambiguity as to whether the co- operative banks are required to comply with the provisions of Rule 114E of the Act, meaning thereby, the bonafide belief of the assessee shall constitute reasonable cause in terms of sec.273B o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... belief shall constitute a reasonable cause in terms of section 273B of the Act. In support of his submissions, he placed his reliance on the order dated 13.3.2020 in the case of The Mandya District Co-op. Central Bank Ltd. Vs. DIT (I CI) in ITA No.447/Bang/2019 dated 13.3.2020. Accordingly, he prayed for deletion of penalty levied u/s 271FA of the Act in all the 3 years under consideration. 3. The Ld. D.R., on the contrary, supported the orders passed by Ld. CIT(A). 4. We heard the rival contentions and perused the record. We notice that an identical issue has been considered by this bench in the case of The Mandya Dist. Co-op. Central Bank Ltd. (supra). For the sake of convenience, we extract below the relevant observations made by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... said explanation before Ld CIT(A). However, the Ld CIT(A) has taken the view that the amendment made with effect from 1.4.2016 is clarificatory in nature and hence the same would apply to the year under consideration also. The Ld A.R submitted that the ambiguity demonstrated by the assessee constitutes a reasonable cause within the meaning of provisions of sec.273B of the Act. Accordingly he prayed that the impugned penalty be deleted. 7. The Ld D.R, however, submitted that the assessee shall fall under the category of banking company and hence the assessee has complied with the notice issued u/s 285BA(5) of the Act. He submitted that the amendment made in Rule 114E by inserting cooperative bank is only clarificatory in nature. He ..... X X X X Extracts X X X X X X X X Extracts X X X X
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