Failure to get accounts audited

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..... r may direct that such person shall pay, by way of penalty, a sum equal to one-half per cent of the total sales, turnover or gross receipts, as the case may be, in business, or of the gross receipts in profession, in such previous year or years or a sum of 5 [one hundred fifty thousand rupees], whichever is less.] ------------------------ Notes :- 1. Inserted by the Finance Act, .....

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