Failure to obtain statutory audit: penalty may be imposed based on turnover or a capped monetary amount. 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.