State with reasons the penalty leviable on each of the three independent instances: (1) M/s ABC Trust, an eligible investment fund referred u/s 9A…

(1) An eligible investment fund, in respect of its activities in a financial year, is required to furnish within 90 days from the end of the financial year (i.e., by 29th of June), a statement of its activities to the prescribed Income-tax authority under section 9A (5) . In the present case, M/s ABC Trust, an eligible investment fund has furnished its statement of its activities on 31.7.2024, i.e., after 29th June 2024, being the due date of furnishing such statement, accordingly penalty of5,00,000 would be attracted under section 271FAB. (2) No penalty would be leviable on Meena caterers under section 271DA, since it received only 1lakh in cash, (which is less than the permissible threshold of 2lakhs) in respect of transactions relating to rendering of catering services on the occasion of Mr. Arvind's daughter marriage from Mr. Arvind. The balance 9lakh was paid by way of account payee cheque which is a permissible mode of payment. (3) As per section 271AAB(1A), penalty @60% of undisclosed income would be attracted, since Tip Ltd. had not admitted the undisclosed income in a statement under section 132 (4) though declared the same in a return furnished and paid the tax with interest thereon.