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Filing of Income tax return

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(Querist)
17 February 2011 Dear all

a Firm has stoped its business activity during F Y 2007-08 ( No transaction during F Y 2007-08) Now the Income tax officer Issued notice under section 142 requiring us to file return of Income for the asst Year 2009-10.
1) what will be the Concequenses if we filed the return of income for the Asst Year2009-10 in responce to notice U/s 142 ( for Asst. year 2008-09 also we have not filed the return of Income)
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prasad

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prasad (Expert)
18 February 2011 You are already in receipt of notice u/s 142. You must file the return in response to the notice. And now intimate the authority by letter regarding closure of your business. On receipt of return, the authority will take up the case for scrutiny. This will be normal scrutiny U/s 143. The authority may penalise the firm for non filing of returns.
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NITIN SHARMA

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NITIN SHARMA (Expert)
20 February 2011 you have to file return return after issuing notice under section 142(1) , penalty might be levied under section 271ff
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