section 272B

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CA Raman Goel

CA Raman Goel (Querist)
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20 July 2011 whether penalty u/s 272B of Rs 10000 is in totality or for each failure?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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20 July 2011 U are not supposed to view the section as u said.
The intention of the legislature has to limbs viz.,
1) 272B(1) which is for failure to obtain PAN can be penalized for Rs. 10,000/-
2) 272B(2) which is for faiilure to quote PAN or wrong quoting of PAN can be penalized for Rs. 10,000/-

In case 1) the assessee has no PAN.
IN case 2) the assessee has PAN but he committed an ommission or mistake.

Now do u think the above two cases can be combained to arrive a total penalty.
Or do u think the cases are to be seen separately and penalty should be cumulated @ Rs. 10,000/-
Conclution is, offences are independent and at any point of time penalty can be only Rs. 10,000/-