No penalty u/s 271FAA as defects were rectified within the time limit u/s 285BA

KEB Hana Bank Vs Joint Director of Income Tax (ITAT Chennai)

Conclusion: Penalty under section 271FAA  was deleted as the defects in the statement of the reportable account were rectified within the time limit provided under sub-section (4) of Section 285BA.

Held: In the present case, the Prescribed Authority had noticed that the Reporting Entity had not reported 16 accounts in the statements filed for CY 2017, 2018 & 2019 on account of omission of on

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