penalty u/s 271
This query is : Resolved
23 December 2010
the assessee filed return of Rs. 150000/- u/s 139. further notice was issued u/s 148 and the assessee filed return of income for Rs. 230000/- ( with left over income).Whether in this case penalty u/s 271 is applicable on the left over income filed after the notice u/s 148 issued.pls guide with the help of case laws.
thanks in advance
thanks in advance
25 December 2010
YES, ASSESSEE SHALL BE LIABLE TO PENALTY ON EXCESS INCOME DECLARED ON RETURN FILED U/S 148.
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