Hello Friends,
Normally people with income below exemption limit puff up their ITR (without tax liability, heh heh!) for getting Housing loan etc...
In such a case, can the AO impose penalty for furnishing false information?
Max Payne (employed) (2569 Points)
24 March 2010Hello Friends,
Normally people with income below exemption limit puff up their ITR (without tax liability, heh heh!) for getting Housing loan etc...
In such a case, can the AO impose penalty for furnishing false information?
C.Balaji
(Learner)
(1867 Points)
Replied 24 March 2010
Dear G.K. Anna.............
I completely agree with U....
But, I dont think that the AO can impose any penalty for disclosing false income(i.e.higher income)..........
Is there anyone taking note of it (i.e. the query raised)?????????
CAclubindia
