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Penalty u/s 271f

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23 November 2011 whether penalty u/s 271f Levied in case of if income tax is refundable as like in case of if income tax is nil.
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
23 November 2011 Penalty u/s 271F depends on case to case basis. The AO may choose not to levy the penalty if he feels that there was just cause for delay in filing the return.

The fact that no tax was payable may be a ground for waiving the penalty, but it is at the sole discretion of the AO.
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