Penalty U/S 271AA for Non-Reporting in Form 3CEB Set Aside Due to Reasonable Cause

Sequence Design Vs JCIT (ITAT Pune) ITAT Pune held that penalty under section 271AA of the Income Tax Act is not imposable in view of section 273B of the Act since there was a reasonable cause for not reporting the said transaction in Form No. 3CEB as it was not considered to be an international transaction. Accordingly, appeal allowed. Facts- The main grievance of the assessee is that ld.CIT(A) erred in confirming the penalty of Rs.26,59,958/- levied by JCIT u/s.271AA of the Act for the alleged violation of requirement of section 92D(1) of the Act as the assessee failed to report the transact...