Penalty u/s 271f of it act,1961

Harsh Katara (Querist) 03 October 2011 This query is : Resolved
If for F.Y 2009-10 I.T return is filed on say on 30/09/2011 & tax is due whether penalty is attracted u/s 271f of IT act,1961,,
I believe should not be attracted as 139(4) belated return is available.
Kindly guide under this matter..

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Raj Kumar Makkad (Expert) 03 October 2011
Return cannot be filed beyond the period of 2 years especially wherein tax liability is there so penalty is must in given case under ibid section.

soumitra basu (Expert) 04 October 2011
For delay in tax you have to pay interest under section 234A, B & C.
For late filing of return you may not be visited by penalty if you can show that there is reasonable cause for filing return under section 139 (4).

Harsh Katara (Querist) 05 October 2011
Respected Expert Raj Kumar Makkad in my given case 2 years is yet to be expired so as per you also penalty should not be attracted... Sir i am interpreting your reply correctly please reply on this..
Respected Expert Soumitra Basu interest will be attracted is for sure but doubt is for penalty . what i am saying is that as Belated return provision is available so why should penalty be imposed u/s 271F?
In given case 2 yrs expires on 31/03/2012 & if filed after that then only penalty should be attracted u/s 271F of IT,1961

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