ITAT says Penalty Cannot Survive Omission of its Foundational Provision

Scott Edil had failed to furnish Form 3CEB for specified domestic transactions covered by Section 92BA(i) for AYs 2014-15 to 2016-17. The ITAT held that when the penalty proceedings were initiated and concluded in 2022, Section 92BA(i) had already been omitted with effect from 01.04.2017, and therefore the Section 271BA penalty could not be sustained.