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belated return penalty U/s271

This query is : Resolved 
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(Querist)
19 February 2009 respected members ,

I want to know whether return of F Y 2006-2007 , can be filled in case where asessee is not liable to any tax , will he still be levied with penalty u/s 271 (1) of RS 5000
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CA. Mahesh Agarwal

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CA. Mahesh Agarwal (Expert)
19 February 2009 if his GTI was exceeding the exempt limit, then penalty may be levied but that is totally optional on AO
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C A Sanjay g makhija

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C A Sanjay g makhija (Querist)
20 February 2009 thanks sir for clarification
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