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TMI Blog2020 (6) TMI 830X X X X Extracts X X X X X X X X Extracts X X X X ..... e impugned penalty was levied by Ld. Director of Income Tax (Intelligence & Criminal Investigation) in all the three years for filing Annual Information Return, which is required is required to be filed as per provisions of section 285BA(2) read with Rule 114E of the Income Tax Rules beyond the due date prescribed. The Ld. A.R. submitted that the assessee is a co-operative bank and the co-operative banks were specifically included in rule 114E only w.e.f. 1.4.2016 only. Hence, there was an ambiguity as to whether the co-operative banks are required to comply with the provisions of rule 114E of the rules or not. Hence, there was delay in filing the annual information return, which was on account of bonafide belief only. The Ld. A.R. submitte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0 of 1949), applies (including any bank or banking institution referred to in section 51 of the Act.)" He submitted that the above said portion was amended by IT (Twenty-second Amendment) Rules 2015 w.e.f. 01-04-2016 as under:- "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 section 51 of the Act.)" He submitted that the "co-operative banks" were specifically included with effect from 01-04-2016 and hence there was a view that the co-operative banks are not required to furnish AIR information. In view of the above said ambiguity, the assessee has not filed the AIR information. He submitted that the assessee has furnished ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ions of Rule 114E of the Act, meaning thereby, the bonafide belief of the assessee shall constitute reasonable cause in terms of sec.273B of the Act for the failure in furnishing the AIR for the year under consideration. In this view of the matter, the impugned penalty is liable to be deleted. Accordingly we set aside the order passed by Ld CIT(A) and direct the AO to delete the impugned penalty levied u/s 271FA of the Act for the year under consideration." 5. We notice that the facts prevailing in the above said case are identical with the facts of the present cases. Accordingly, following the above said order of the Tribunal, we set aside the order passed by the Ld. CIT(A) and direct the DIT to delete the penalty levied u/s 271FA of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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