For non filing of return, according to sec 271F there is a penalty of Rs. 5000 /-, but I have heard that the same has not been levied on any one inspite of late filing of returns.
Please confirm if i am correct & let me know if the ITO needs to take any prior permission before levying the same.
16 March 2009
273B. Penalty not to be imposed in certain cases No penalty is leviable under sections 271(1)(b), 271A, 271AA, 271B, 271BA,271BB, 271C, 271CA, 271D, 271E, 271F, 271FA, 271FB, 271G, 272A(1)(c) or 272(A)(1)(d), 272A(2), 272AA(1), 272B, 272BB(1) & (1A), 272BBB(1), 273(1)(b), 273(2)(b) or 273(2)(c) if the assessee proves that there was reasonable cause for the said failure.
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