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Penalty u/s 271B canceled as audit report submitted during proceedings; accounts were audited and taxes paid timely.

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....Penalty u/s. 271B - Failure to get accounts audited - assessee has filed the audit report before the AO during the course of penalty proceedings, got his accounts audited, paid the tax and filed the return of income much before the specified date - penalty cancelled - AT....

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Penalty u/s 271B canceled as audit report submitted during proceedings; accounts were audited and taxes paid timely.