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No penalty u/s 271FAA as defects were rectified within the time limit u/s 285BA
Case Law Details
- Case Name
- KEB Hana Bank Vs Joint Director of Income Tax (ITAT Chennai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2018-19
- Courts
- All ITAT, ITAT Chennai
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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 Repor...
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