04 December 2012
in case of late nil return penalty of Rs.20,000/- is mendatory or not ? or it can be waived through showing reasonable cause of this late filing problem.pls convey me as soon as possible.
05 December 2012
Powers are granted to Superintendant that can reduce the amount of penalty in case of NIL returns but only on satisfaction of genuine reasons. However, what is genuine or reasonable ground is subject matter of dispute.
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