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Section 271FA

Latest Articles


Statement of Financial Transaction (Due date 30th June, 2020)

Income Tax : Understand the requirements and penalties associated with Statement of Financial Transaction. Learn about furnishing, rectifying d...

June 25, 2020 4098 Views 2 comments Print

Penalty u/s. 271FA for non-filing of Annual Information Return (AIR)

Income Tax : Avoid penalty u/s. 271FA for non-filing of Annual Information Return (AIR). Learn about the due date and consequences of non-compl...

May 7, 2020 26952 Views 2 comments Print

Time for Filing Belated Income Tax Return

Income Tax : Dont miss the deadline! File your belated income tax return by 31st March, 2020 to avoid penalties. Learn more about the amended S...

March 13, 2020 21325 Views 5 comments Print

Section 271FA Penalty for failure in furnishing statement of financial transactions or reportable account

Income Tax : Learn about the penalty provisions of section 271FA of the Income Tax Act and understand the consequences of failing to furnish th...

February 8, 2020 23121 Views 0 comment Print

Whether to File Statement of Financial Statements (SFT) before 31/05/2019

Income Tax : Understand the Statement of Financial Transactions (SFT) requirement under Section 285BA of the Income Tax Act. Learn who needs to...

May 31, 2019 5343 Views 0 comment Print


Latest Judiciary


Delay in SFT-005 Filing: Excuse of Server Issue Rejected by ITAT

Income Tax : Read about the case of Waghodia Urban Co. Op. Bank Limited vs. Director of Income Tax regarding a penalty levied under Section 271...

June 9, 2024 345 Views 0 comment Print

Non-filing of SFT Return Not Grounds for Penalty: ITAT Kolkata

Income Tax : Read about Durgapur Steel Peoples’ Cooperative Bank Ltd vs Director of Income Tax case. ITAT Kolkata rules that non-filing of SF...

March 16, 2024 402 Views 0 comment Print

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

Income Tax : Explore the detailed analysis of Kesar Alloys & Metals Pvt. Ltd. vs. Director of Income Tax (ITAT Indore) case, focusing on penalt...

March 16, 2024 1056 Views 0 comment Print

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

Income Tax : Explore the detailed analysis of the penalty imposed on Jhalawar Kendriya Sahakari Bank Ltd. by ITAT Jaipur in the case against AD...

March 14, 2024 951 Views 0 comment Print

No Section 271FA Penalty without Reportable Transactions: ITAT Delhi

Income Tax : Read how ITAT Delhi cancelled penalty u/s 271FA in Motor & General Finance Ltd. Vs ACIT case due to absence of reportable transact...

March 10, 2024 792 Views 0 comment Print


Latest Posts in Section 271FA

Delay in SFT-005 Filing: Excuse of Server Issue Rejected by ITAT

June 9, 2024 345 Views 0 comment Print

Read about the case of Waghodia Urban Co. Op. Bank Limited vs. Director of Income Tax regarding a penalty levied under Section 271FA for delay in filing SFT-005, where the excuse of server issue was dismissed.

Non-filing of SFT Return Not Grounds for Penalty: ITAT Kolkata

March 16, 2024 402 Views 0 comment Print

Read about Durgapur Steel Peoples’ Cooperative Bank Ltd vs Director of Income Tax case. ITAT Kolkata rules that non-filing of SFT return isn’t grounds for penalty under Section 271FA.

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

March 16, 2024 1056 Views 0 comment Print

Explore the detailed analysis of Kesar Alloys & Metals Pvt. Ltd. vs. Director of Income Tax (ITAT Indore) case, focusing on penalty levied under section 271FA of the Income Tax Act, 1961.

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

March 14, 2024 951 Views 0 comment Print

Explore the detailed analysis of the penalty imposed on Jhalawar Kendriya Sahakari Bank Ltd. by ITAT Jaipur in the case against ADIT (I&CI) for the assessment year 2019-20.

No Section 271FA Penalty without Reportable Transactions: ITAT Delhi

March 10, 2024 792 Views 0 comment Print

Read how ITAT Delhi cancelled penalty u/s 271FA in Motor & General Finance Ltd. Vs ACIT case due to absence of reportable transactions.

Section 40A(2)(b) Disallowance for Assumed Higher Sub-contracting Income is unsustainable

November 1, 2023 1173 Views 0 comment Print

ITAT Delhi held that disallowance under section 40A(2)(b) of the Income Tax Act on merely estimating that more income should have been earned from sub-contracting without bringing any comparable figures is unsustainable in law.

Non-Filing of AIR Due to Lack of Awareness is Reasonable Cause: Section 271FA penalty deleted

September 11, 2023 705 Views 0 comment Print

Explore the case of Dr. Babasaheb Ambedkar Urban Cooperative Bank Ltd. vs. DIT where penalty under Section 271FA for non-filing of AIR was deleted due to reasonable cause.

Kerala High Court Upholds Penalty for Delayed Submission of AIR

July 23, 2023 444 Views 0 comment Print

The Kerala High Court rules in favor of Director of Income Tax in Sub Registrar vs Director of Income Tax, asserting that the bonafide impression of AIR submission by a predecessor isn’t a “reasonable cause” for 526-day delay.

Imposition of penalty u/s 271FA prior to 01.04.2015 for non-furnishing of AIR by co-operative bank unsustainable

June 15, 2023 237 Views 0 comment Print

ITAT Bangalore held that co-operative bank is liable to furnish AIR only after 01.04.2016 in view of amendment under Rule 114E of Income Tax Rules, 1962. Accordingly, imposition of penalty u/s 271FA prior to 01.04.2016 is unsustainable.

ITAT upheld section 271FA penalty for non-filing of SFT

June 12, 2023 1668 Views 0 comment Print

A penalty of was levied under section 271FA of Income Tax Act, 1961. The assessee’s subsequent appeal, stating that SFT was filed when e-filing portal was available, lacked supporting evidence and hence did not hold in court.

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