CORPORATE AND PROFESSIONAL UPDATE AUG 9, 2016
Direct Tax: Kolkata ITAT allows assessee’s (cooperative bank) appeal against levy of penalty u/s 271FA for delay in furnishing annual information return (‘AIR’) u/s 285BA, accepts assessee’s “bonafide ignorance” of relevant provisions as sufficient cause for non-compliance.[TS-425-ITAT- 2016(Kol)] Delhi High Court in the below citied case held that The payment made by the Petitioner to Steria France …