Section 276CC of the Income Tax Act
Income-tax Act, 2025: s.479
Section 276CC of the Income-tax Act, 1961 corresponds to section 479 (Failure to furnish returns of income) of the Income-tax Act, 2025.
Read section 479 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 276CC is Karnani Properties Ltd. v. CIT (82 ITR 547), cited in 43 of the 56 judgments on BharatTax that turn on this section.
Leading authorities on Section 276CC
Income from services rendered by an assessee to its tenants, carried on continuously in an organized manner with a view to earn profit, constitutes business income. The rule of res judicata does not apply to taxation proceedings, and the Tribunal is the final fact-finding authority.
The written down value of an asset once fixed cannot be re-determined in subsequent assessment years as there is no estoppel or res judicata involved in such re-determination.
While the principle of res judicata does not strictly apply to income tax assessments, decisions in earlier years are not binding in subsequent years, there should be finality and certainty in tax litigation, and earlier decisions should be followed subject to limitations.
The principle of res judicata does not apply to income tax proceedings, meaning previous year's assessments are not binding on subsequent years, though they can serve as evidence.
