No Section 272A(1)(c) penalty if Reasonable cause shown for delay in providing details

Kotak Mahindra Bank Limited Vs ADIT (ITAT Mumbai) ITAT Mumbai held that penalty under section 272A(1)(c) not warranted as reasonable cause shown for delay in providing the details by the assessee and later in the end, the assessee had shared all the relevant details. Facts- The assessee is a banking company. Erstwhile ING Vysya Bank Ltd was merged with the assessee with effect from 01/04/2015 as per the order of the Reserve Bank of India. During the investigation in the case of M/s. Gujalaxmi Diamonds Pvt Ltd, summons u/s. 131 dated 02/01/2020 was issued to the Branch Manager of Kotak Mahindra...