Qualified report - private and public company

In case of violation, you will be penalised under different enactments of companies act and income tax act as the case may be. It may prone to investigation against you. There is no penalty for getting a qualified audit report.

Thank you Sir.

Please let me know under which sections of Companies and Income tax act the company will be penalised . Also please mention against each section whether it is appliable for public company or pvt. company.

I appreciate if you can quote specific sections.

Dear SkDash Sir,

Please quote at least one section of Income Tax Act  and one section of Companies Act which deal with penalising companies for qualified report of auditors.

Thank you