Audit of accounts under section 44AB of the Income-tax Act, 1961--Penalty under section 271B for assessment year 1985-86--Regarding

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..... dated 19th June, 1985 (See [1985] 155 ITR (St.) 44), the Board had directed that the penalty proceedings under section 271B of the Income-tax Act, 1961, leviable for non-compliance of the provisions of section 44AB of the Act, should not be initiated for the assessment year 1985-86 in cases where: (i) the audit report prescribed under section 44AB, read with rule 6G, has been obtained by 30th S .....

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..... t of self assessment tax. Therefore, there seems to be an obvious anomaly in the said Circular No. 422 (see [1985] 155 ITR (St.) 44), in so far as it linked imposition of penalty under section 271B with the payment of self-assessment tax. 4. It is, therefore, clarified that no penalty will be imposed for the assessment year 1985-86 under section 271B in cases where the audit report prescribed un .....

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