Reply to notice u/s 142(1)
This query is : Resolved
21 October 2012
An assessee has received a notice u/s 142(1) for non-filing of IT return of a Private limited Co. So, my question is that if the assessee gives a reply letter stating his genuine reason that there was no transactions held in the co. in after the FY 2008-2009 & also, the co. name was striked off from MCA under EES Scheme 2011...so, can the Assessing officer or the IT Dept. still charge or will charge the penalty for non-filing of NIL IT return (even when there was no work done)????
PLZZZ HELP ME OUT....
PLZZZ HELP ME OUT....
21 October 2012
This being a 'reasonable cause' penalty proceedings initiated can be dropped u/s 273B.
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