Taxpayer Penalized for Late Tax Audit Report and Return Filing; Reliance on Accountant Not Excused u/ss 271B, 271F.

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....Levy of penalties u/s. 271B and 271F - non filing of tax audit report and non filing of return in time - It is very unlikely that they would remain silent with regard to discharge of their statutory obligations by placing reliance on their erstwhile Accountant as claimed by the assessee - penalty confirmed - AT....