https://www.taxtmi.com/caselaws?id=468780 Failure to furnish the audit report required under section 44AB attracted penalty under section 271B where the assessee's turnover crossed the statutory threshold and no report was filed. The explanation that there was no staff and that a part-time accountant had left without intimation was held not to amount to reasonable cause for the default. On the facts found by the lower authorities, the audit obligation remained unfulfilled and the penalty was therefore upheld. en-us Fri, 07 Feb 2025 00:00:00 +0530 Wed, 20 May 2026 19:00:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=468780 Failure to furnish the audit report required under section 44AB attracted penalty under section 271B where the assessee's turnover crossed the statutory threshold and no report was filed. The explanation that there was no staff and that a part-time accountant had left without intimation was held not to amount to reasonable cause for the default. On the facts found by the lower authorities, the audit obligation remained unfulfilled and the penalty was therefore upheld. Case-Laws Income Tax Fri, 07 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=468780