Income tax time limit for penalising

Sandeep Jain (Querist) 02 July 2013 This query is : Resolved
Penalty of Rs100000/- each was levied in 2012 for cases AY 2004-05 & 2005-06 ... Actual balance sheet was filed in 01-10-2007 due to seizure of original documents by DRI.

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malipeddi jaggarao (Expert) 02 July 2013
Engage a Chartered Accountant, who can settle the issue with IT Office.

C. P. CHUGH (Expert) 02 July 2013
Income tax Act does not provide for any time limit for intiation and imposition of Penalty u/s 271B (Failure to Get the Accounts audited with in specified due date). Hence the penalties are rightly imposed. However since you were prevented by a sufficient cause to get your accounts audited by due date, you have good chances of penalty being deleted by CIT Appeal.

Rajendra K Goyal (Expert) 02 July 2013
Agree with the views of expert C.P. Chugh ji. Nothing more to add.

Sandeep Jain (Querist) 02 July 2013
Thanks Mr Chughji... Also mr RK Goyalji for ack... CBDT order No. 400/29/2002 dated 26.6.06 read with circular No 783 dated 18.11.99 (240 ITR 183 St) clarify your issue and speciafically says that in the course of search & seizure or any other case Interest can be waived off if ROI is not filled due to this...

R.K Nanda (Expert) 02 July 2013
contact ur CA.

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