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Penalty u/s 271f

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Querist : Anonymous

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Querist : Anonymous (Querist)
20 April 2013 Hi,
I wanted to ask what is the mode of payment for penalty u/s 271f, as my father received a penalty notice for show cause why a penalty should not be levied of Rs.5000/-

Please answer my query as to how to proceed with this situation and what mode of payment to be choosen?
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CA Sourabh Agarwal

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CA Sourabh Agarwal (Expert)
20 April 2013 I would say that it is only a show cause notice. Penalty provisions has a very basic rule that "No penalty is levied if reasonable cause exist".

I would prefer showing upto the AO and discuss with him.
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Querist : Anonymous

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Querist : Anonymous (Querist)
20 April 2013 so sir if i go for a discussion with AO and i give a reasonable cause then can my penalty be waived?
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CA Sourabh Agarwal

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CA Sourabh Agarwal (Expert)
20 April 2013 Certainly. You may refer case laws on it also.
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