Procedure for penalty

Penalty proceedings under 271 and 270A required to be initiated before completion or at the time of completion of assessment proceeding. penalty proceedings under 271B can be initiated even after completion of assessment proceeding. separate show cause notice required to be issued for penalty proceedings. however incorporating the wording "penalty proceedings under section 271 /270A/271B initiated separately " tantamount to penalty proceedings deemed to be initiated

As per section 271B penalty provision for failure to get accounts audited, the penalty shall be paid after AO issue show cause notice then if he satisfies the reason you communicate then no penalty shall be paid otherwise it shall be payable