Failure to get accounts audited.271B.
If any person
fails to get his accounts audited in respect of any previous year
or years relevant to an assessment year
or furnish a report of such audit as required under section 44AB
, the Assessing Officer
may direct that such person shall pay, by way of penalty, a sum equal to one-half per cent of the total sales, turnover or gross receipts, as the case may be, in business, or of the gross receipts in profession, in such previous year or years or a sum of one hundred fifty thousand rupees, whichever is less.