Audit of accounts under section 44AB of the Income-tax Act, 1961--Penalty under section 217B for assessment years 1985-86--Regarding

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..... lar No. 422, dated 19th June, 1985 (see [1985] 155 ITR (St.) 44), decided that the penalty proceedings under section 271B of the Income-tax Act, 1961, for failure to comply with the provisions of section 44AB should not be initiated for assessment year 1985-86, in cases where : (i) the audit report prescribed under section 44AB read with rule 6G has been obtained by 30th September, 1985; and ( .....

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