03 January 2008
Dear Sir, I will be very much obliged, if you advice me on following.
Query - An assessee has Turnover of Rs. 150 Lacs for the Financial Year ending31-3-2007. He gets his Tax Audit Report U/s44AB before 31-10-2007 but not submitting his I.T Return before 31-10-2007.As per section 139 rule 12, An assessee does not submit any attachment,Computation of Income, any Report etc. Now, My question is, In above case if, my client file I Tax Return in January-2008(Turn over is Rs150Lacs) whether he is liable to pay penalty u/s 271B or not? CA Divyang Parikh
CAclubindia
