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Penalty under section 271b

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(Querist)
16 December 2017 what will be the consequence in case of person OTHER THAN COMPANY who is failure to get the books of accounts audited within the time specified u/s 44AB but get audited later on and submit the same to AO along with ROI for the relevant AY. Is the penalty under section 271B is levieable.
please advice me with concerned court rulling, if any.

Regards
Pankaj Soni
CA Final Student
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
16 December 2017 Literally, penalty can be initiated.
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Pankaj Soni

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Pankaj Soni (Querist)
18 December 2017 is there any court rulling.
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