Return of income of a Firm Assessee is not filed for the A.Y. 2007-08...
The assessee has incured losses...
Is penalty u/s 271F is imposed if return of income is filed nw even if there is no tax liability....???? Plz provide relevant provisions of Act and case laws if any....
Thnx in advance...
Megha
penalty u/s 271F is applicable only when return is to be filled u/s 139(1)
Agreed.
In my case return is requried to b filed u/s 148....
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