26 September 2010
Can an income tax officer levy penalty U/s 272B of the Act when gross total income is below the taxable limit saying assessee quoted wrong PAN ?
26 September 2010
There is an income limit for applying for PAN as per section 139A(1)(i) but such a limitation is missing in section 139A(5) (a) as far as quoting of PAN is concerned. In view of that, an assessing officer,on a strict interpretaion ,can issue show cause notice under section 272B(1) and ,if not satisfied with the assessees explantion given at the oppurtunity of personal appearence, pass an order imposing penalty.
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