Section 271B

²⁵[Failure to get accounts audited,

271B. If any person fails^25a[* * *] to get his accounts audited in respect of any previous year or years relevant to an assessment year or obtain a report of such audit as required under section 44AB ^25aa[or furnish the said report along with the return of his income filed under sub-section (1) of section 139, or along with the return of income furnished in response to a notice under clause (i) of sub-section (1) of section 142], the ^25b[Assessing] Officer 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 one hundred thousand rupees, whichever is less.]

The following sections 271C, 271D and 271E shall be inserted by the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 1-4-1989:

[AS AMENDED BY THE FINANCE ACT, 1988]