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Penalty u/s 271b

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Querist : Anonymous

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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
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Rajesh Kumar

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Rajesh Kumar (Expert)
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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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
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).
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