eCourtsIndia
IndiaCode Laws
Section87
The Finance Act, 2017

Insertion of new section 271J

In force As on 06 Oct 2026

Ministry Finance Enacted 17 Apr 2017 Cited by 1 provision

Section 87 of the Finance Act, 2017 deals with insertion of new section 271J. Insertion of new section 271J. 87. After section 271-I of the Income-tax Act, the following section shall be inserted, namely:— '271J. The Act was enacted on 17 Apr 2017.

Insertion of new section 271J.

87. After section 271-I of the Income-tax Act, the following section shall be inserted, namely:—

'271J. Penalty for furnishing incorrect information in reports or certificates.—Without prejudice to the provisions of this Act, where the Assessing Officer or the Commissioner (Appeals), in the course of any proceedings under this Act, finds that an accountant or a merchant banker or a registered valuer has furnished incorrect information in any report or certificate furnished under any provision of this Act or the rules made thereunder, the Assessing Officer or the Commissioner (Appeals) may direct that such accountant or merchant banker or registered valuer, as the case may be, shall pay, by way of penalty, a sum of ten thousand rupees for each such report or certificate.

Explanation.—For the purposes of this section,—

(a)"accountant" means an accountant referred to in the Explanation below sub-section (2) of section 288;
(b)"merchant banker" means Category I merchant banker registered with the Securities and Exchange Board of India established under section 3 of the Securities and Exchange Board of India Act, 1992 (15 of 1992);
(c)"registered valuer" means a person defined in clause (oaa) of section 2 of the Wealth-tax Act, 1957 (27 of 1957).'.
Section 87, The Finance Act, 2017.

Cross-references

Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.

This section refers to

  1. Securities and Exchange Board of India Act s. 3 Establishment and incorporation of Board
  2. Wealth-tax Act s. 2 Definitions

Referred to by 1

  1. s. 169 Amendment of Act 21 of 2000

Questions about Section 87

What does Section 87 of the Finance Act deal with?

Section 87 of the Finance Act is headed "Insertion of new section 271J". Insertion of new section 271J. 87. After section 271-I of the Income-tax Act, the following section shall be inserted, namely:— '271J.

How do I find court cases under Section 87 of the Finance Act?

In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 2017 87, section 87 Finance Act 2017, section 87 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.

What should I read with Section 87 of the Finance Act, and has it changed?

Its own text turns on Securities and Exchange Board of India Act 3 (Establishment and incorporation of Board), Wealth-tax Act 2 (Definitions), so none of them can safely be read on its own. 1 other provision in this corpus refers back to it.

When was Section 87 of the Finance Act enacted?

Section 87 of the Finance Act, cited as Finance Act 2017 87, was enacted on 17 Apr 2017. It is in force as at the date shown on this page.

Other sections of this Act

Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument. This page is not a substitute for legal advice.