Time barred income tax return.

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CA Vandana Rathi (Querist)
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12 June 2014 The assessee got the notice from compliance management cell, New Delhi enquiring about filing of return for A.Y 11-12 based on information about sale of immovable property. Again letter for the said purpose received from assessing officer having jurisdiction. The assessee paid lumpsum tax on 28.03.2014. Then he submitted return on 11.06.2014 wirh covering letter as return was time barred and paid full tax and interest. Whether same can be treated as disclosure by assessee and whether penalty can be levied u/s 271(1)(c) by making assessment, issuing notice u/s 148. Any court decision?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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12 June 2014 yes 148 can be inovoked as the time limit is 4 years.

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CA Vandana Rathi

CA Vandana Rathi (Querist)
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13 June 2014 Thanks for reply.
But what about implication of Sec. 271(1)(c)?
Plz suggest.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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13 June 2014 in case if there is sufficient evidence as per ito's view that there is income that was sought to be evaded then yes 271(1)c can be imposed by hjim....

CA Vandana Rathi

CA Vandana Rathi (Querist)
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16 June 2014 But he has filed the return as well as paid tax and interest, whether 271(1)(c) proceedings can be invoked? There is no other income other than he has filed the return and paid tax?

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Time barred income tax return.

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