Mandatory Audits u/s 44AB: No Excuse for Non-Compliance; Penalties Imposed u/s 271B.

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....Penalty u/s 271B - failure to get the accounts audited u/s 44AB - It is the mandatory obligation of the assessee to get the accounts audited and submit the Audit report before the due date. The illiteracy or ignorance of the partners is not a sufficient reason.....