Section 285BA — the law in short
What the courts have decided on section 285BA, in one screen. Read this first; open an entry when you need the facts, the reasoning and the source.
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Guntur District Co-operative Central Bank Ltd v DIT
ITATCuts both ways
We had no reportable transactions and filed no SFT. Can they still levy penalty under 271FA?
No, not for a year in which there was nothing to report. Section 285BA casts the filing obligation on a person who has registered or recorded a specified financial transaction during the financial year, so where no such transaction exists the duty to furnish the statement never arises and s.271FA has nothing to bite on. The burden is on the department to show that reportable transactions were in fact recorded before it can allege a failure.
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CBDT Notification 19/2026 on crypto reporting
CBDT Circulars & InstructionsHelps department
Do I have to report my crypto holdings now, or does the exchange do it for me?
The platform does. Reporting Crypto-Asset Service Providers — Indian exchanges, custodians, wallet providers, broker-dealer platforms and offshore providers servicing Indian users — must report crypto-asset transactions in Form 167 under rules 241 to 244. The compliance burden is placed on the platforms, not on individual investors.
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.