Penalty u/s 271F leviable for failure to furnish AIR

Cumbum Co-operative Town Bank Limited Vs DCIT (Intelligence & Criminal Investigation) (ITAT Hyderabad) Held that penalty u/s 271F leviable as the assessee being a co-operative bank failed to furnish annual information annual information return Facts- The assessee being a “specified person” as per the provisions of section 285BA of the Act has an obligation to file Annual Information Report (AIR) in Form No.61A in respect of specified transactions before 31st August, 2013. In view of this, a notice was sent u/s 285BA(5) of the Act on 27.10.2016. As there was no response, penalty notice ...