Missing Audit Report Leads to Penalty: Section 271B Upheld for Non-compliance with Section 44AB of Income Tax Act.

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....Penalty u/s 271B - assessee submitted the audited financial statements but failed to furnish report of audited accounts (audit report) as required u/s 44AB - When the specific provision contained in the statute is unambiguous in this respect, we cannot hold otherwise based on any circular of the Department. - Levy of penalty confirmed.....