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of <h1>Extension Considered for Audit Penalty Deadline u/ss 44AB and 271B Following Gujarat High Court's Recommendation.</h1> The circular addresses the audit of accounts under section 44AB of the Income-tax Act, 1961, and the associated penalty under section 271B for the assessment year 1985-86. It refers to a previous circular stating that penalty proceedings should not be initiated if the audit report was obtained by September 30, 1985, and self-assessment tax was paid within the prescribed period. Following a recommendation by the Gujarat High Court, the Board considered extending the deadline. Officers in the Gujarat High Court's jurisdiction should consider the court's validation of section 44AB on March 31, 1986, when deciding on penalty initiation.
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