Income Tax - Penalty u/s 271FA - Appellant failed to file the SFT...

Income Tax

Penalty u/s 271FA - Appellant failed to file the SFT [Statement of Financial Transaction] by due date - no malafides could be attributed to assessee so as to invoke penalty proceedings under section 271FA and DIT should have taken note that breach was only technical or venial breach of provisions and such breach could have flown from bonafide ignorance of assessee that he was liable to act in manner prescribed by statute, and should not have invoked penalty proceedings. - AT

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