Tax Audit Report Penalty Upheld: ITAT Confirms Section 271B Penalty for Rs.8.5 Crore Turnover Firm Missing Audit Deadline.

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....ITAT upheld penalty under s271B for failure to furnish tax audit report per s44AB requirements. Assessee's turnover of Rs.8,53,66,166/- exceeded statutory threshold, mandating tax audit. Claims of substantial losses, creditor payments, and partners being senior citizens were rejected as insufficient reasonable cause for non-compliance. A purported tax audit report dated 23.09.2013 submitted later was dismissed as not previously presented to lower authorities. Assessee's incomplete documentation, lacking profit-loss statements and balance sheets, undermined their position. The contradictory claim of timely audit completion was rejected. Precedents cited by assessee were distinguished on facts. Penalty order sustained as assessee failed to demonstrate reasonable cause for non-compliance with statutory audit requirements.....