14 December 2018
THE ASSESSEE FILED ITR FOR THE ASST YEAR 2012-13 CLAIMING REFUND ON 31/07/2014 . WHETHER THERE IS ANY TIME LIMIT FOR ISSUE OF NOTICE U/S 271F FOR CHARGING PENALTY FOR FAILURE TO FURNISH RETURN OF INCOME.
14 December 2018
As such, there is no time limit, and the penalty is levied only when it is initiated by the officer. The Maximum amount of penalty is only 5k and it is generally not levied in case of refunds.
CAclubindia
