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Penalty Confirmed for Non-Audit of Accounts u/s 271B; No Good Faith Defense Accepted for Assessee's Actions.

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....Penalty u/s. 271B - Failure to get accounts audited u/s 44AB - the assessee deliberately adopts a legal stand, which is without basis, so that it cannot claim to have acted in good faith or under a bona fide belief. - levy of penalty for second year confirmed. - AT....

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Penalty Confirmed for Non-Audit of Accounts u/s 271B; No Good Faith Defense Accepted for Assessee's Actions.