Audit-report compliance under section 44AB: withdrawal of a circular that clarified exemption from penalty under section 271B. The Board had issued administrative instructions refraining from initiating penalty proceedings where the prescribed audit report had been obtained by the specified date and self-assessment tax paid within the normal filing period, and a later circular clarified that no penalty would be imposed where the audit report was obtained by that date. The Board has now withdrawn that later clarification circular following reconsideration in consultation with the Ministry of Law.
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Audit-report compliance under section 44AB: withdrawal of a circular that clarified exemption from penalty under section 271B.
The Board had issued administrative instructions refraining from initiating penalty proceedings where the prescribed audit report had been obtained by the specified date and self-assessment tax paid within the normal filing period, and a later circular clarified that no penalty would be imposed where the audit report was obtained by that date. The Board has now withdrawn that later clarification circular following reconsideration in consultation with the Ministry of Law.
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