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ITAT upheld section 271FA penalty for non-filing of SFT
Case Law Details
- Case Name
- Bharuch Forex Pvt Ltd Vs ADIT (ITAT Surat)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18 to 2019-20
- Courts
- All ITAT, ITAT Surat
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Bharuch Forex Pvt Ltd Vs ADIT (ITAT Surat)
In the case of Bharuch Forex Pvt Ltd Vs ADIT, the ITAT Surat reaffirmed an income tax penalty due to the non-filing of Statement of Financial Transaction (SFT). This case emphasizes the critical importance of regular tax filings, timely submission of required documents, and effective communication with tax authorities.
Analysis: Bharuch Forex Pvt Ltd, a private limited company, failed to file its SFT, leading to a spot verification by the Addl. DIT(I&CI), Ahmedabad. Despite repeated notices and opportunities to provide explanation...
