Audit u/s 44ad

Tejas Ramchandra Kadu (Article Assitant) (40 Points)

28 August 2014  

we have filled income tax return of partnership firm having loss for the year 2012-13 above Rs 1000000/- & the turnover less than 60lacs .we have not audited u/s 44 AD.the case has been already taken for scrutiny .what are the implication of not having done audit  u/s 44AD whether any penality leviable under any section not doing audit u/s 44AD