No Penalty Imposed for Late Audit in First Business Year u/s 271B Due to Genuine Delay Explanation.

Penalty u/s 271B - failure to get the accounts audited in time - It appears that the book results shown by the assessee were substantially accepted by the revenue as genuine and the compliance was made by the assessee with some delay. The delay has also been explained by the assessee that it was the 1st year of the business - No penalty - AT .....

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