sec 274B

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

05 January 2010 Dear sirs/friends
I am a student of pcc.
I got a problem of penalty u/s 271B Failure to get accounts audited..
My question is that if audit report sign on 15 sep, 2009 and filling is made on 2 jan, 2010 than is it attract penalty u/s 271B?

Any clarification in this regard greatly obliged. If there is any case law or circular please attach with reply.

CA. B.SRINIVASULU

CA. B.SRINIVASULU (Expert)
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05 January 2010 Even then it attracts penalty. If you refer the section it says that tax audit report should be submitted on or before the due date for filing of return.

Querist : Anonymous

Querist : Anonymous (Querist)

06 January 2010 But sir sec 271B say
"if any person [u]fails to get accounts audited[/u] in respect of any previous year or years relevant to an assessment year or [furnish a report of such audit as required u/s 44AB] the A.O. may direct......"

but here audit is made with in time i.e 15 sep.
Than why penalty imposed?
please clarify in details. if any case law in this regard please quote that.

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