No section 271B Penalty for Not Getting Books Audited if Reasonable Cause exist

Shree Balaji Construction Vs DCIT (ITAT Indore) The issue under consideration is whether assessee can be held liable u/s 271B of the Act for not getting the books audited during the years when the advances were received from customers under percentage completion method? In the present case, the assessee is engaged in real estate business acquired land and started construction of commercial building in the name of Balaji Tower from Assessment Year 2005-06 onwards. The construction was completed during the Financial Year 2012-13 relevant to Assessment Year 2013-14. Assessee firm adopted ‘p...