No Section 271FA Penalty if there was a reasonable cause for failure

Kesar Alloys & Metals Pvt. Ltd. Vs Director of Income Tax (ITAT Indore)

Introduction: The case of Kesar Alloys & Metals Pvt. Ltd. vs. Director of Income Tax (ITAT Indore) revolves around a penalty dispute concerning the late submission of the Statement of Financial Transaction (SFT) under section 271FA of the Income Tax Act, 1961. The appeal challenges the penalty imposed by the Director of Income Tax, which was confirmed by the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, Delhi.

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