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Penalty for late filing

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(Querist)
21 July 2012 Dear Experts..

I just want to know the penalty proceedings incase of late filing of ER1 return for a company which is having a huge cenvat credit in his account. So kindly provide me Penalty interms of amount and consequences.

Thanking You
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Arun Kumar Singh

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Arun Kumar Singh (Expert)
24 July 2012 Penalty will be paid only from PLA account.

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