Non-Filing of AIR Due to Lack of Awareness is Reasonable Cause: Section 271FA penalty deleted

Dr. Babasaheb Ambedkar Urban Cooperative Bank Ltd. Vs. DIT (Intelligence and Criminal Investigation) The Hon’ble Nagpur Bench of Income Tax Appellate Tribunal, Nagpur, allowed the appeal filed by the applicant Dr. Babasaheb Ambedkar Urban Cooperative Bank Ltd. Vs. DIT (I&CI), Nagpur. In this case common issue raised by the applicant for the A.Ys. 2008-09 to 2015-16. Brief of the Case :- The assesee is a cooperative bank. As per the provisions of section 285BA of the Act, an obligation has been cast upon the assessee to furnish the AIR in the requisite Form in respect of the specified...