A person having a small newspaper agency business has not filed IT Return for past 7 years. Now he wants loan from a Bank to buy a shop, and the Bank Manager has insisted to submit IT Returns for last 3 years i.e. AY 2010-11, 2011-12 & 2012-13 because neither his income was above the Tax Slab limit nor any Refund was to be claimed by him (no Tax was Deducted at source).
Can this be a valid ground for AO, for not imposing penalty of Rs. 5000/- u/s 271F for AY 2010-11 & 2011-12? Please mention if there is any decided case Law in this regard.
What if in the same case there was TDS and Refund to be claimed??
Thank you!!
CAclubindia
