On information received by department from ADIT(Inv. ) it was alleged that the assessee held bank account in HSBC Bank, Geneva, Switzerland.  The Assessing Officer has issued notice under S.  142(1) of the Act requiring assessee to furnish requisite information in respect of alleged bank account or submitting consent letter for obtaining account statement from the Bank.  As the assessee had not submitted the consent letter, the AO has invoked penalty under S.  271(1) (b). The Tribunal held that penalty should not be levied as assessee has a reasonable and bonafide belief in terms of Section 273B that there had been no violation of notice under S. 142(1) for non-compliance on part of assessee.  The Tribunal observed that the details of bank accounts which the assessee possessed outside India has already been disclosed by the assessee and thus there was no non-compliance under S. 142(1) of the Act and thus, no penalty can be levied under S.  271(1) (b) of the Act.  (AY.  2006-07 to 2012-13)