Penalty u/s 271B - assessee failed to get his account audited ...

Income Tax

November 30, 2019

Penalty u/s 271B - assessee failed to get his account audited and furnish report u/s 44AB even after release of documents where were seized by the authorities - If the assessee had filed the audited accounts within the 3 months after 30 September 2008 then it would be a reasonable cause for not filing the audited accounts but the assessee had taken more than 3 years to file the audited accounts, which in our view, is not in accordance with law.

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Penalty u/s 271B - assessee failed to get his account audited ...

Income Tax

November 30, 2019

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