44AA and 271B

assessee is held liable u/s 271A 

and penalty under section 271A is RS 25,000.

Yes , 

Penalty u/s 271B 

0.5% OF THE TURNOVER TO THE MAX OF RS 1,50,000, WHICHEVER IS LESS 

Both the penalty have to pay u/s 271A and 271B

If any person fails to get his accounts audited under section 44 AB as per the income tax act 1961 ,the assessing officer may driect such person shall pay penalty one-half  per cent  of the total  sale ,turnover ,gross receipt as the case may be ,in busniess or of the gross recipt in profession ,in such previous year or years or a sum of  one hundred fifty thousand  rupees ,whichever  is less