271f

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 June 2014 Penalty us 271F is mendatory or Discretionary?
As according to the view of many experts it is mandatory but in case of Loans from Bank where belated return is filed generally to fulfill the requirement of last three returns filed, no Penalty is seen Imposed by me ?how ? if it is Mandatory than penalty should have been imposed.

Reply me. Thanks !

Nikhil Kaushik

Nikhil Kaushik (Expert)
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18 June 2014 i dont think any expert is of opinion that it is mandatory. all the penalties whatsoever may be the cause, are discretionary subject to sufficient cause being provided by the assessee to the tax authorities during the penalty proceedings.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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18 June 2014 It is at the discretion of AO after giving assessee a reasonable opportunity of being heard. He may or may not impose the penalty.

Rupesh Jain

Rupesh Jain (Expert)
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18 June 2014 if any mistake done by assesse or violence of law provision then penalty will impose by the deptt. but one chance always give by the dept before proceeding.