05 October 2015
Dear experts if i have obtained the audit report after the due date, however the audit was conduct for having net profit below 8%, plz guide me weather penalty will attract u/s 271b in this cases or not......
05 October 2015
For levy of penalty, your profit is irrelevant. Penalty can be levied for late audit (Saraswathi Electronics (2007) 292 ITR 411]. However, the penalty is not mandatory. If you have sufficient reason to explain delay, penalty may not be levied.
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