Bansal Classes Pvt. Ltd. vs. The ACIT

Parties Involved

Facts Summary

This appeal was filed by the assessee, Bansal Classes Pvt. Ltd., against the order of the ld. CIT(A), Delhi-54 dated 28-03-2023 for the assessment year 2014-15. The assessee raised the following grounds of appeal: The Assessing Officer (AO) grossly erred on law and facts in levying a penalty under section 271BA of the I.T. Act, 1961, amounting to Rs.1.00 lac, by stating that the assessee had not filed a report in Form 3ECB under section 92CA. However, according to the facts, the assessee had filed the report, and the TP proceedings were carried out and dropped. Therefore, the AO was wrong in imposing the penalty, and the ld. CIT(A) also erred in confirming the penalty levied by the AO under section 271BA.…

Legal Issues

• 1. Penalty levied under section 271BA of I.T. Act, 1961

Judgment Outcome

Decided in favour of Assessee.

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