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Central Board of Direct Taxes (CBDT) has decided not to levy penalty under section 271FA of the Income-tax Act in cases where Annual Information Return (AIR) under section 285BA of the Income-tax Act in respect of specified financial transactions registered or recorded during the financial year 2004-05 is furnished on or before 30th November, 2005. This has been done in exercise of the powers conferred by section 119 of the Income-tax Act. The CBDT has issued directions to its officers to this effect.
BSC/BY/GN-352
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