If you failed to get your accounts audited or furnish audit report before prescribed time limit - to avoid penalty - apply for extension the time to file the return - binding nature of CBDT circular https://www.taxtmi.com/news?id=1047 The CBDT circular dated June 19, 1985, binding under section 119, provided that obtaining the audit report within the period recognized by the circular constitutes compliance with the tax audit requirement; where an assessee obtained the audit report in late September after seeking extensions, deposited tax before filing and filed the return within the extended period, that sequence sufficed for compliance and the penalty for failure to get accounts audited was not imposable. en-us Tue, 17 Nov 2009 08:06:34 +0530 Tue, 17 Nov 2009 08:06:34 +0530 TaxTMI RSS Generator If you failed to get your accounts audited or furnish audit report before prescribed time limit - to avoid penalty - apply for extension the time to file the return - binding nature of CBDT circular https://www.taxtmi.com/news?id=1047 The CBDT circular dated June 19, 1985, binding under section 119, provided that obtaining the audit report within the period recognized by the circular constitutes compliance with the tax audit requirement; where an assessee obtained the audit report in late September after seeking extensions, deposited tax before filing and filed the return within the extended period, that sequence sufficed for compliance and the penalty for failure to get accounts audited was not imposable. News - Tue, 17 Nov 2009 08:06:34 +0530 https://www.taxtmi.com/news?id=1047