penalty u/s 271

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neeloy dangra (Querist)
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23 December 2010 the assessee filed return of Rs. 150000/- u/s 139. further notice was issued u/s 148 and the assessee filed return of income for Rs. 230000/- ( with left over income).Whether in this case penalty u/s 271 is applicable on the left over income filed after the notice u/s 148 issued.pls guide with the help of case laws.
thanks in advance

CA. R. B. SAH

CA. R. B. SAH (Expert)
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25 December 2010 YES, ASSESSEE SHALL BE LIABLE TO PENALTY ON EXCESS INCOME DECLARED ON RETURN FILED U/S 148.