Section 285BA(1) — the law in short
What the courts have decided on section 285BA(1), in one screen. Read this first; open an entry when you need the facts, the reasoning and the source.
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Bangiya Gramin Vikash Bank v ITO, Ward 42(1), Berhampore
ITATHelps taxpayerNo later treatment found
Our bank could not upload the statement of financial transactions on time because the core banking system was being migrated during a merger, and the I&CI wing has levied a per-day penalty under section 271FA. Is a technical failure a defence?
Yes, on these facts. The Kolkata Bench held that an inability to generate the data required for Form 61/61A because the bank was migrating from one version of its core banking solution to another, in the course of a reorganisation and merger, is a reasonable cause, and directed deletion of a penalty of Rs 3,61,000 levied under section 271FA for the belated statement of financial transactions.
Listed strongest first: Supreme Court, then High Court, then Tribunal, then CBDT. Nothing here has yet been read in full by a chartered accountant — open an entry to see where it came from.
