Non-filing of SFT Return Not Grounds for Penalty: ITAT Kolkata

Durgapur Steel Peoples’ Cooperative Bank Limited Vs Director of Income Tax (Intelligence & Criminal Investigation) (ITAT Kolkata) Introduction: The Income Tax Appellate Tribunal (ITAT) Kolkata recently adjudicated on penalties imposed under Section 271FA of the Income Tax Act, 1961 in the case of Durgapur Steel Peoples’ Cooperative Bank Limited. The controversy centered on the non-filing of Statement of Financial Transaction (SFT) returns. Analysis: Durgapur Steel Peoples’ Cooperative Bank Limited failed to furnish the SFT return for the assessment year 2011-12, leading to penalties ...