https://www.taxtmi.com/caselaws?id=432903 The Tribunal upheld the penalty of Rs.1,50,000 imposed by the Assessing Officer under Section 271B of the Income Tax Act, as the assessee failed to comply with the mandatory audit requirement under Section 44AB. The Tribunal rejected the assessee's contention of a bonafide belief and professional advice as reasonable cause, emphasizing that the gross receipts exceeded Rs.1 crore, making the audit obligatory. The appeal was dismissed, with the Tribunal stating that the explanation provided did not constitute a reasonable cause for the failure to audit accounts. en-us Thu, 22 Dec 2022 00:00:00 +0530 Tue, 17 Jan 2023 08:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=432903 The Tribunal upheld the penalty of Rs.1,50,000 imposed by the Assessing Officer under Section 271B of the Income Tax Act, as the assessee failed to comply with the mandatory audit requirement under Section 44AB. The Tribunal rejected the assessee's contention of a bonafide belief and professional advice as reasonable cause, emphasizing that the gross receipts exceeded Rs.1 crore, making the audit obligatory. The appeal was dismissed, with the Tribunal stating that the explanation provided did not constitute a reasonable cause for the failure to audit accounts. Case-Laws Income Tax Thu, 22 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=432903