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<h1>Failure to obtain statutory audit: penalty may be imposed based on turnover or a capped monetary amount.</h1> Failure to have accounts audited or to furnish the required audit report for previous year(s) relevant to an assessment year permits the Assessing Officer to direct payment of a penalty equal to one-half per cent of total sales, turnover or gross receipts in business, or of the gross receipts in profession, in such previous year(s), or a specified monetary ceiling, whichever is less.
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