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Partnership firm filing

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(Querist)
14 February 2013 For every year partnership firm has to file returns, my question is what is the consequences, if a firm is registered on 1.4.2011 and disolved on31.3.2012 and no transactions are there in it and PAN has not applied for it........
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
14 February 2013 Consequences:
1. penalty for non-application of PAN.

2. non - filing of return.

These two penalties shall apply in any case. Whether you have done any transaction or not or whether you have any taxable income or not, shall be decided upon scrutiny by the AO.
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SHESHU KUMAR TANGUTURI

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SHESHU KUMAR TANGUTURI (Querist)
14 February 2013 is there any cases like this, in which penality imposed!
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
14 February 2013 will have to check. it is difficult as such to tax such cases as it would require a lot of efforts on the tax authorities side.
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CA Lokesh Pokharna

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CA Lokesh Pokharna (Expert)
14 February 2013 agree on point no. 2 but not on point no. 1, because pan no. requirement is mandatory for some specified class of persons ...
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CA Lokesh Pokharna

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CA Lokesh Pokharna (Expert)
14 February 2013 for pan no. requirement refer sec. 139A
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
14 February 2013 Right lokesh. I am wrong on point 1.
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
14 February 2013 however, one cannot rule out invocation of 139(1) (i). Even if a single paisa is found taxable penalty proceedings may be initiated!
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