https://www.taxtmi.com/highlights?id=60431 Penalty u/s. 271B - non filing the tax audit report - when the assessee entertained bona-fide belief that its account were not subject to audit u/s. 44AB, it would certainly constitute reasonable cause for not obtaining the audit report and, therefore, the question of imposing of the penalty u/s. 271B does not arise. - AT en-us Wed, 10 Nov 2021 07:02:11 +0530 Wed, 10 Nov 2021 07:02:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=60431 Penalty u/s. 271B - non filing the tax audit report - when the assessee entertained bona-fide belief that its account were not subject to audit u/s. 44AB, it would certainly constitute reasonable cause for not obtaining the audit report and, therefore, the question of imposing of the penalty u/s. 271B does not arise. - AT Highlights Income Tax Wed, 10 Nov 2021 07:02:11 +0530 https://www.taxtmi.com/highlights?id=60431