https://www.taxtmi.com/caselaws?id=785493 Penalty under tax law for non-filing of audit report was contested on the basis that the assessee maintained no accounts, so the statutory audit obligation did not arise. The legal point is that where no books of account are maintained, the requirement to file an audit report under the audit statute is inapplicable, and consequential penalty for non-filing cannot be sustained. On that basis the impugned penalty was set aside and the taxpayer's appeal allowed. en-us Sun, 04 Jan 2026 00:00:00 +0530 Sat, 24 Jan 2026 08:39:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=785493 Penalty under tax law for non-filing of audit report was contested on the basis that the assessee maintained no accounts, so the statutory audit obligation did not arise. The legal point is that where no books of account are maintained, the requirement to file an audit report under the audit statute is inapplicable, and consequential penalty for non-filing cannot be sustained. On that basis the impugned penalty was set aside and the taxpayer's appeal allowed. Case-Laws Income Tax Sun, 04 Jan 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=785493