17 March 2008
for the assessment year 2006-2007 ie financial year ended 31.03.06 the return was filed on 31.12.07. but the assessee has paid advance tax. whether penalty u/s 271f can be imposed. there was only delay in filing returns.whether there is any case law in favour of the assess to escape penalty
17 March 2008
As per provisions of Sectin 139(1) of the Income Tax Act, 1961, every person whose total income exceeds the maximum amount, which is not chargeable to income tax, shall by the due date, file his return of income in prescribed form. Failure to do so by the due date or before the end of relevant assessment year will attract penalty under Section 271'F of IT Act 1961, amounting to Rs. 5000/-.
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