Hello Friends,
Normally people with income below exemption limit puff up their ITR (without tax liability, heh heh!) for getting Housing loan etc...
In such a case, can the AO impose penalty for furnishing false information?
1 Replies
C.Balaji
(Learner)
(1867 Points)
Replied 24 March 2010
Dear G.K. Anna.............
I completely agree with U....
But, I dont think that the AO can impose any penalty for disclosing false income(i.e.higher income)..........
Is there anyone taking note of it (i.e. the query raised)?????????
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