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penalty u/s 271F

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(Querist)
26 May 2009 My assessee has filed the IT return for the two years at once.Today we got the panalty notice u/s 271F stating they would like to impose the penalty what are the way out to waive the penalty
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
26 May 2009 File a reply before the AO showing a reasonable cause for the delay. If the AO is satisfied with the cause shown for the delay he can waive the penalty u/s 273B of The income tax Act,1961.
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