No Penalty Imposed for Delay in Audit: Section 271B Breach Deemed Technical with No Exchequer Loss.

Levy of penalty u/s. 271B - delay in getting the accounts audited - The assessee had only committed technical venial breach which does not create any loss to the exchequer as the audit report was available to the Assessing Officer before the completion of the assessment proceedings. - No penalty. .....

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