08 December 2014
could income tax and interest payable thereon exceed total income returned (assume that return for past five years to be filled now) ?
08 December 2014
No it cannot. But road rolls. Penalty if more than a fixed sum cannot be enforced under principles of taxation all over world, that way you need read Art 265 of indian constitution; but you have to fight a legal battle very thoroughly... in absolute liability is one and strict liability penalties it is different!
CAclubindia
