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if form 3cd is not accepted by the party then penalty levy under incometax act ?
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As per Section 271B of the Income Tax Act, 1961, the AO is empowered to levy a penaly for non filing of audit report or for failure to get accounts audited of upto 1/2% of Sales/Turnover/Gross Receipts or Rs. 1,50,000 which ever is less
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