Penalty for Non-Filing of Form 15CA Deleted as Rules Were Notified Later

Gopal Chandak Vs ACIT (ITAT Surat) The Income Tax Appellate Tribunal (ITAT) Surat bench has ordered the deletion of a penalty amounting to ₹43,00,000 imposed under Section 271-I of the Income Tax Act, 1961, against Gopal Chandak for the Assessment Year 2016-17. The penalty was levied by the Assessing Officer (AO) and subsequently confirmed by the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi, for the assessee’s failure to furnish Form 15CA for outward remittances made to foreign countries for importing machinery. The dispute arose from amendments t...