No penalty u/s 271FAA as defects were rectified within the time limit u/s 285BA

KEB Hana Bank Vs Joint Director of Income Tax (ITAT Chennai) Conclusion: Penalty under section 271FAA  was deleted as the defects in the statement of the reportable account were rectified within the time limit provided under sub-section (4) of Section 285BA. Held: In the present case, the Prescribed Authority had noticed that the Reporting Entity had not reported 16 accounts in the statements filed for CY 2017, 2018 & 2019 on account of omission of one saving of Mr. Sinmo Soan (Account No. 8206000515) and 15 Term Deposit accounts of the same person. Accordingly, the Reporting Entity was r...