tax audit is not done but income tax return is filed

Penalty u/s 271 B WILL ATTRACT AMOUNTING TO,

LOWER OF FOLLOWING :-

1) 0.5% OF TURNOVER /GROSS RECEIPTS

OR

2) Rs. 1,00,000/-

Further AO by issuing NOTICE u/s 142(1)(ii), REQUIRE THE ASSESSEE  TO BE PRODUCED TAX AUDIT REPORT, AND FAILING TO WHICH AO CAN DO BEST JUDGEMENT ASSESSMENT U/S 144

i   think firstly he should file a revised return with tax audit.......... immediatly...... so that he will not be attact any more penalty as mention by Amir

FROM YOUR QUESTION STATUS OF THE ASSESSEE IS NOT CLEAR...AS YU HAVE USED THE WORD ' CO' IT IS ASSUMED TO BE A PRIVATE LIMITED COMPANY .....

LEGALLY SPEAKING THE DAMAGE HAS BEEN DONE .....BUT THE REMEDY IS SIMPLE AND VERY CONVENIENT ...WITH THE INTRODUCTION OF E-FILING ALL TAX RETURNS OF THE COMPANIES ARE DONE ELECTRONICALLY AND NO ATTACHMENTS ARE ALLOWED ....THEREFORE AS ON DATE THE DEPARTMENT OF INCOMETAX IS NOT AWARE  AS TO WHETHER TAX AUDIT HAS BEEN DONE OR NOT ....SO GET IT AUDITED FROM YOUR AUDITORS NOW AND SIGNED BACKDATED ..BEFORE THE DEPARATMENT OF INCOMETAX ISSUES REGULAR NOTICE FOR ASSESSMENT ...

"Penalty u/s 271 B WILL ATTRACT AMOUNTING TO,

LOWER OF FOLLOWING :-

1) 0.5% OF TURNOVER /GROSS RECEIPTS

OR

2) Rs. 1,00,000/-

Further AO by issuing NOTICE u/s 142(1)(ii), REQUIRE THE ASSESSEE  TO BE PRODUCED TAX AUDIT REPORT, AND FAILING TO WHICH AO CAN DO BEST JUDGEMENT ASSESSMENT U/S 144"

Is 271 B for tax audit non compliance

 FOLLOW THE PROCEDURE I SUGGEST ......NOTHING WILL HAPPEN ......