Audit of accounts under section 44AB of the Income-tax Act, 1961-Penalty under section 271B for assessment year 1985-86-Regarding

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....ioners of Income-tax. Sir, Subject: Audit of accounts under section 44AB of the Income-tax Act, 1961-Penalty under section 271B for assessment year 1985-86-Regarding. Section 44AB of the Income-tax Act, 1961, lays down that every person carrying on business, whose sales, turnover or gross receipts exceed rupees forty lakhs or carrying on a profession, whose gross receipts exceed rupees ten lakh....

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.... of representations have been received from assessees and various trade associations expressing their difficulties in getting the accounts audited by the "specified date" this year. The matter has accordingly been concidered by the Board. This being the first year of the operation of the section and considering that the relevant rule was notified only on January 31, 1985, the Board has decided tha....