https://www.taxtmi.com/caselaws?id=438537 Penalty for failure to furnish the audit report under section 271B was sustained because the assessee did not establish reasonable cause for the default. The explanation based on an affidavit was rejected as unreliable: it was not produced before the Assessing Officer, the deponent was not shown to be a qualified chartered accountant, and the statements were internally inconsistent. Since audit under the Act must be conducted by a qualified chartered accountant, the asserted difficulty in completing the work did not justify non-furnishing of the report. en-us Tue, 16 May 2023 00:00:00 +0530 Fri, 02 Jun 2023 21:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=438537 Penalty for failure to furnish the audit report under section 271B was sustained because the assessee did not establish reasonable cause for the default. The explanation based on an affidavit was rejected as unreliable: it was not produced before the Assessing Officer, the deponent was not shown to be a qualified chartered accountant, and the statements were internally inconsistent. Since audit under the Act must be conducted by a qualified chartered accountant, the asserted difficulty in completing the work did not justify non-furnishing of the report. Case-Laws Income Tax Tue, 16 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=438537