I have a doubt. A person fails to get his account audited under section 44 AB for a particular previous year and failed to furnish his return of income within the relevant due date.What are the reasonable causes where he may be exempt from penalty under section 271B??Please quote references also??
Just want to add what Uday rightly said that what constitute Reasonable cause is a question of fact and would vary from case to case...and hence cannot be generalised...
It would be result in a penalty of the following amount
1. 0.5% of Turnover or Rs. 100000 whichever is lower
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