No Section 271FA penalty for delay in filing SFT return for genuine reasons

Jhalawar Kendriya Sahakari Bank Ltd., Vs ADIT (I&CI) (ITAT Jaipur) Introduction: The case of Jhalawar Kendriya Sahakari Bank Ltd. vs. ADIT (I&CI) revolves around a penalty imposed for non-compliance with tax filing regulations. This article provides a comprehensive analysis of the legal proceedings and the verdict of the ITAT Jaipur. Detailed Analysis: The appellant, Jhalawar Kendriya Sahakari Bank Ltd., challenged the penalty order issued by the ld. CIT (Appeals), NFAC Delhi, dated 24.06.2022, concerning the assessment year 2019-20. The grounds of appeal primarily questioned the valid...