ITAT upheld section 271FA penalty for non-filing of SFT

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 explanations for this delay,...