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Section 271B penalty application
Sir. My business trading turnover for the financial year 2017-2018 was less than of Rs. 2 crores but more than of 1 crore. I got the books of accounts audited in the month of March 2019 and accordingly filed the Income Tax Returns on 30-03-2019. whether it would attract section 271B penalty? . kindly advice.
Replies (2)
If penalty is imposed on u by assessing officer then u will have to pay, its not mandatory.. if your reply is satisfactory no penalty will be imposed
* The penalty u/s 271B is neither mandatory nor automatic.
* If there is any reasonable cause for the failure and such person is able to prove such reasonable cause, penalty can not be imposed.
* If there is any reasonable cause for the failure and such person is able to prove such reasonable cause, penalty can not be imposed.
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