What is penalty for delayed audit?

Dear P Kashyap, To know when the auditor asked for invoices, you should go through the Email trail between your auditor and accountant. Further, the due date for filing of tax audit report for FY 2013-14 was 30th November. There is no provision in the Act per se dealing with penalty on delay in filing of tax audit report. But as per section 271B of the Act, failure to get accounts audited and furnish a report as required under section 44AB of the Act may attract penalty as under- a) 0.5% of the total sales, turnover or gross receipts of the business or profession ; or b) 150,000, whichever is less. However, this penalty may be waived under section 273B if the assessee proves that there was reasonable cause for the said failure. Request other experienced experts to share their knowledge.

Harsh thanks a lot for your valuable suggestion, I would request experts to please guide me some reasonable cause to avoid this penalty.