Penalty u/s 271b
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
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......
regard
Nitin
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......
regard
Nitin
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.
05 October 2015
Penalty can be levied because filing of report also
get delayed leading to violation of section 44AB(d) r. a. w 44AD(5).
get delayed leading to violation of section 44AB(d) r. a. w 44AD(5).
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