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24 Points
Joined March 2010
As per my knowledge notice u/s 143(2) can't be send aftr six months frm d end of AY in whch return is filed...so last date of filling belated return fr AY 07-08 vl b31.03.2009..so notice of AY 07-08 max can b issued upto 30.09.2009...so i guess notice is time barred n file an appeal against the notice to CIT(appeals).
Or thr is possibility aftr tat if return is filed againt notice u/s 142(1) thn n it is find that u have concealed the income thn penalty vl b attracted u/s 271(1)(c)...minimum 100% n max 300% of tax on that concealed income.