Delay in furnishing annual information return, levy of penalty under section 271FA could not be faulted

IT: Where Assessing Authority on appreciation of material had concluded that assessee was a habitual defaulter, in absence of any satisfactory explanation having been furnished by him for delay in furnishing annual information return, levy of penalty under section 271FA could not be faulted
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[2014] 51 taxmann.com 197 (Punjab & Haryana)
HIGH COURT OF PUNJAB AND HARYANA
Joint Sub Registrar, Sangat
v.
Director of Income-tax (CIB), Chandigarh*
AJAY KUMAR MITTAL AND JASPAL SINGH, JJ.
IT APPEAL NO. 344 OF 2013 (O & M)†
JULY  21, 2014
Section 285BA, read with sections 271FA & 273, of the Income-tax Act, 1961 - Annual Information Return (Penalty under section 271FA) - Penalty was imposed upon assessee under section 271FA for delay in furnishing AIR - According to assessee, he was not aware of provisions of section 285BA and hence delay in filing AIR was bona fide and was therefore entitled to protection of section 273B and further in absence of any notice issued under section 285BA(4), levy of penalty under section 271FA was not called for - Whether in absence of any factual foundation having been laid before Assessing Officer, Commissioner (Appeals) and Tribunal regarding levy of penalty, said plea raised for first time before High Court would not be permissible - Held, yes - Whether equally, plea of no notice having been issued under section 285BA(4) lost significance in absence of such contention having been raised before authorities below - Held, yes - Whether, Assessing Authority on appreciation of material had concluded that assessee was a habitual defaulter and in absence of any satisfactory explanation having been furnished by him for delay in furnishing annual information return, levy of penalty under section 271FA could not be faulted - Held, yes [Paras 14, 15 & 16][In favour of revenue]