https://www.taxtmi.com/caselaws?id=756718 ITAT Chennai upheld penalty under section 271B for non-filing of audit report under section 44AB. The assessee failed to provide evidence of reasonable cause for non-compliance, claiming litigation attendance and fund procurement issues. The tribunal noted the assessee consistently filed audit reports for all years from 2014-15 to 2022-23 except 2017-18, indicating deliberate non-compliance rather than genuine difficulty. Finding no sufficient cause demonstrated, the tribunal confirmed the penalty and dismissed the appeal. en-us Thu, 11 Jul 2024 00:00:00 +0530 Thu, 08 Aug 2024 09:10:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756718 ITAT Chennai upheld penalty under section 271B for non-filing of audit report under section 44AB. The assessee failed to provide evidence of reasonable cause for non-compliance, claiming litigation attendance and fund procurement issues. The tribunal noted the assessee consistently filed audit reports for all years from 2014-15 to 2022-23 except 2017-18, indicating deliberate non-compliance rather than genuine difficulty. Finding no sufficient cause demonstrated, the tribunal confirmed the penalty and dismissed the appeal. Case-Laws Income Tax Thu, 11 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756718