Audit compliance under section 44AB: penalty under section 271B not initiated if audit report obtained and self assessment tax paid. The Board directs that penalty proceedings for failure to comply with the audit obligation should not be initiated in the transitional year where the prescribed audit report is obtained by the Board's extended deadline and self assessment tax is paid within the normal return filing period, noting the recent notification of the procedural rule and practical difficulties in meeting the original specified date.
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Audit compliance under section 44AB: penalty under section 271B not initiated if audit report obtained and self assessment tax paid.
The Board directs that penalty proceedings for failure to comply with the audit obligation should not be initiated in the transitional year where the prescribed audit report is obtained by the Board's extended deadline and self assessment tax is paid within the normal return filing period, noting the recent notification of the procedural rule and practical difficulties in meeting the original specified date.
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