Delay in SFT-005 Filing: Excuse of Server Issue Rejected by ITAT

Waghodia Urban Co. Op. Bank Limited Vs Director of Income Tax ( I & CI) (ITAT Ahmedabad) In the case of Waghodia Urban Co. Op. Bank Limited vs. Director of Income Tax (I & CI) (ITAT Ahmedabad), the main issue at hand pertains to the penalty levied under Section 271FA of the Income Tax Act, 1961, due to a delay in filing the statement of financial transaction (SFT-005) for the Assessment Year 2019-20. The appeal was filed by the assessee against the order passed by the Addl/JDIT (I&CI), Ahmedabad, dated 27.07.2023. The assessee contested the penalty, amounting to Rs. 7,40,000/-, wit...