Two firms but audit of the second was not conducted , will he be liable to penalty u/s 271B?

[CHAMAN BANTHIA]

during assessment proceedings the second firm's profit was calculated as per sec 44AD.

AI Summary

Audit penalty applicability when audit omitted for a second firm and profit assessed under presumptive taxation scheme. Whether liability to a penalty under section 271B arises for omission of the statutory audit of a second firm whose profit was computed during assessment under the presumptive taxation method of section 44AD.