Section 271FA penalty not leviable in absence of reportable transaction

M/s Guntur District Co-operative Central Bank Ltd. Vs Director of Income Tax (ITAT Visakhapatnam) Conclusion: Penalty under 271FA was unjustified as there was no requirement to file the AIR in absence of reportable transaction during the financial year and also, department did not make out a case that the assessee had the recorded re portable transactions in the relevant financial year. Held: In the instant case, assessee did not file the AIR for the F.Y. 2010-11 to 2015-16 relevant to the A.Ys 2011-12 to 2016-17 before the due date. Therefore, DIT (I&CI)]  had issued notice u/s 274 r.w.s...