22 September 2015
271B. Failure to get accounts audited.- If any person fails to get his accounts audited in respect of any previous year or years relevant to an assessment year or furnish a report of such audit as required under section 44AB, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum equal to one-half per cent of the total sales, turnover or gross receipts, as the case may be, in business, or of the gross receipts in the profession or a sum of Rupees one hundred and fifty thousand rupees whichever is less.
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