No Section 271FA Penalty without Reportable Transactions: ITAT Delhi

Motor & General Finance Ltd. Vs ACIT (ITAT Delhi) Introduction: The case of Motor & General Finance Ltd. Vs ACIT before the Income Tax Appellate Tribunal (ITAT) Delhi revolves around the imposition of penalty under section 271FA of the Income Tax Act. The central issue pertains to whether the penalty is justified when there are no reportable transactions. Detailed Analysis: The assessee, Motor & General Finance Ltd., challenged the penalty levied under section 271FA of the Income Tax Act for failure to file a return/Statement of Financial Transaction (SFT) under section 285BA(1). T...