Section 271BA of the Income Tax Act
Income-tax Act, 2025: s.447
Section 271BA of the Income-tax Act, 1961 corresponds to section 447 (Penalty for failure to furnish report under section 172) of the Income-tax Act, 2025.
Read section 447 of the 2025 Act
Correspondence checked against the ICAI tabular mapping of the two Acts and the BharatTax.co section commentary.
The decision most relied on for Section 271BA is (CIT v. C. Parakh & Co. (India) Ltd. (29 ITR 661), cited in 73 of the 94 judgments on BharatTax that turn on this section.
Leading authorities on Section 271BA
An assessee is not estopped from claiming a legally permissible deduction merely due to their prior accounting treatment or initial stance taken in the return. The correct legal position regarding an assessee's entitlement to a deduction always prevails, as there can be no estoppel against a statute or settled law.
An assessee is not estopped from claiming that a single assessment should have been made under Section 26(1) even if they previously filed separate returns for parts of a single accounting period, as there cannot be an estoppel against a statute.
