https://www.taxtmi.com/caselaws?id=765117 ITAT Surat dismissed the assessee's appeal against penalty u/s 271B for non-furnishing of audit report under Section 44AD. The assessee had turnover of Rs. 8,53,66,166/- exceeding the prescribed limit under Section 44AB requiring mandatory audit. The tribunal rejected the assessee's explanations of substantial losses, creditor payments, and senior citizen partners as unreasonable causes for audit failure. The purported tax audit report dated 23.09.2013 was not submitted to lower authorities, and the assessee failed to provide profit and loss account and balance sheet. The tribunal found the assessee's contradictory stance regarding audit completion unacceptable and distinguished cited precedents as factually inapplicable. en-us Thu, 23 Jan 2025 00:00:00 +0530 Sat, 25 Jan 2025 08:26:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765117 ITAT Surat dismissed the assessee's appeal against penalty u/s 271B for non-furnishing of audit report under Section 44AD. The assessee had turnover of Rs. 8,53,66,166/- exceeding the prescribed limit under Section 44AB requiring mandatory audit. The tribunal rejected the assessee's explanations of substantial losses, creditor payments, and senior citizen partners as unreasonable causes for audit failure. The purported tax audit report dated 23.09.2013 was not submitted to lower authorities, and the assessee failed to provide profit and loss account and balance sheet. The tribunal found the assessee's contradictory stance regarding audit completion unacceptable and distinguished cited precedents as factually inapplicable. Case-Laws Income Tax Thu, 23 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765117