We have recived a notice from vat office stating that you have not file form 240 for the financial year 2009/10. so u have to pay penalty of rs 5000/- plus 50 rs perday till now as per section 74(4) of the kvat act-2003.I want clarification regarding penalty u/s 74(4) of the act .In the book klj pulication the above section says the following:
Any dealer who fails to submit within the time prescribed a copy of the audited statement of accounts,shall be liable to pay a penalty of 5000/- rs and,a furhter penalty of 50/-rs perday for so long as the (failure to submit a copy of the audited statement of accounts)continues,after being given an opportunity of showing cause in writing against such imposition of penalty by the prescribed authority.
we have not filed form 240 for the finanacial year 2009/10 by mistake, last date for submitting form 240 is 31/12/2010.the officers asking for penalty of rs 50/- p/day from the beginning of 1/1/2011 to up to now, but we have recived notice only on 23/9/2011.
my question is whether we have to pay penalty from the date of issue of notice or from the date of 1/1/2011.if it is from the date of notice pls tell me any notification or judgement for it. thanking you in advance
