Income Tax Act, 1961
Section 271B. FAILURE TO GET ACCOUNTS AUDITED.
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 s. 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 thousand rupees, whichever is less.
COMMISSIONER OF INCOME-TAX v. KSHIPRA & CO.