If any person fails to get his accounts audited for any tax year or years or furnish the audit report as required under section 63, the Assessing Officer may
impose a penalty on such person, which shall be the lesser of––
(a) 0.5% of the total sales, turnover, or gross receipts in business, or the gross receipts in profession for such tax year or years; or
(b) one lakh fifty thousand rupees