DISTRICT COOPERATIVE BANK LTD.,RAEBARELY UTTAR PRADESH V. ADDL/JDIT(I&CI), LUCKNOW

ITA 761/LKW/2024

• Counselvise Citation: [2025] 140 COUNSELVISE.COM (IT) 785770 (ITAT-LUCKNOW)
• Duration Of Justice: 10 month(s) 11 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 29-10-2025
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Assessment Year: 2021-2022
• Appeal Filed On: 18-12-2024
• Laws Referred To: Income Tax Act
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: R.R.N. SHUKLA
• Assessee Lawyers: A.P. SINHA
• Keywords: Period of limitation; Time period of passing order

Judgement Text

" IN THE INCOME TAX APPELLATE TRIBUNAL LUCKNOW BENCH ‘B’, LUCKNOW BEFORE SHRI ANADEE NATH MISSHRA, ACCOUNTANT MEMBER AND SHRI SUBHASH MALGURIA, JUDICIAL MEMBER I.T.A. No.761/Lkw/2024 Assessment Year: 2021-22 District Cooperative Bank Ltd. Kutchery Road, Raebareli-229 001 PAN:AAAAD1172H Vs. Addl/JDIT (I&CI), Lucknow. (Appellant) (Respondent) O R D E R PER SUBHASH MALGURIA, J.M. This appeal vide I.T.A. No.761/Lkw/2024 has been filed by assessee for assessment year 2021-22 against impugned appellate order dated 21/10/2024 (DIN & Order No.ITBA/NFAC/S/250/2024-25/1069823286(1) passed by learned Commissioner of (Appeals) [“CIT(A)” for short]. 2. The facts of the case, in brief, are that the assessee is a Co-operative Bank and was required to file Statement of Financial Transaction (“SFT” for short) for the Financial Year 2020-21 by the due date of 30/06/2021. However, the assessee failed to file the SFT by the due date. Accordingly, Appellant by Shri A. P. Sinha, Advocate Respondent by Shri R.R.N. Shukla, Addl. CIT (D.R.) Printed from counselvise.com notice u/s 285BA(5) of the Act dated 25/08/2021 was issued to the assessee for filling SFT for FY 2020-21 on or before 24/09/2021. However the assessee failed to file SFT for the FY 2020-21 before 24/09/2021. Subsequently, the Assessing Officer issued further notices dated 05/03/2022 & 14/06/2022 to show cause as to why penalty u/s 271FA of the Act should not be imposed on the assessee for failure to file SFT. In response to the notice issued by the Assessing Officer, the assessee filed SFT beyond the due date. Therefore, the Assessing Officer imposed penalty of Rs.4,11,000/- under section 271FA of the Act. Being aggrieved, the assessee carried the matter in appeal before the learned CIT(A). Vide impugned appellate order dated 21/10/2024, the learned CIT(A) dismissed the appeal of the assessee. Now the assessee is in appeal before the Income Tax Appellate Tribunal. 3. We have heard the rival parties and have gone through the material placed on record. During the course of hearing, learned Counsel for the assessee submitted that the due date of filing of SFT was 30/05/2021 whereas it was filed by the assessee on 07/07/2022. He further submitted that the entire period of 15/03/2020 to 28/02/2022 was covered by the notification of Hon'ble Supreme Court. The Hon'ble Supreme Court took suo motu cognizance of COVID-19 pandemic and extended the due dates of all the judicial and quasi judicial compliances. Learned Counsel for the assessee also submitted that the date was further extended from 01/03/2022 to 31/05/2022 through the dictates of Hon'ble Supreme Court which reads as under: “In cases where the limitation would have expired during the period between 15/03/2020 to 28/02/2022, notwithstanding the actual balance period of limitation remaining all persons shall have a limitation period of 90 days from 01/03/2022. In the event of actual balance period of limitation remaining, with effect from 01/03/2022 is greater than 90 days, that longer period shall apply.” Printed from counselvise.com 3.1 In view of the above and keeping in view the extension of limitation period given by Hon'ble Supreme Court, we are of the considered opinion that the authorities below were not justified in imposing and sustaining the penalty of Rs.4,11,000/-. The same is directed to be deleted. 4. In the result, the appeal of the assessee stands allowed. (Order pronounced in the open court on 29/10/2025) Sd/. Sd/. (ANADEE NATH MISSHRA) (SUBHASH MALGURIA) Accountant Member Judicial Member Dated:29/10/2025 *Singh Copy of the order forwarded to : 1. The Appellant 2. The Respondent 3. Concerned CIT 4. D.R. ITAT, Lucknow Printed from counselvise.com "