Held, that the assessee had received a grant of Rs. 81.38 lakhs from the Government of Maharashtra and the turnover of milk and cattle feed stood at Rs. 84.34 lakhs. It had maintained proper books of account as prescribed under the provisions of Maharashtra Co-operative Societies Act, 1960 which were duly audited according to the provisions of that Act. The grant-in-aid received from the Government of Maharashtra was at predetermined rates and tax had been deducted at source thereon under section 194C. If the amount of grant-in-aid was excluded, the regular turnover of the assessee was below the limit specified under section 44AB. The assessee got its accounts audited under the Co-operative Societies Act. Prima facie the assessee entertained a bona fide belief that the amount of grant-in-aid received was not includible for the purposes of computing turnover under section 44AB. Thus, there was a reasonable cause for the assessee in not getting the accounts audited under section 44AB and since the penalty section was covered under section 273B, penalty under section 271B was not required to be levied. (AY.2014-15)