Penalty U/s. 271B justified for submitting Bogus audit report to get bank loan

Brij Gopal Chauhan Vs. ITO (Delhi High Court) Impugned order records that appellant-assessee, in the return of income for the assessment year 2010-2011, had declared a turnover of Rs.9.50 crores. Substantial loans and capital had been introduced. However, the appellant-assessee contends that these figures were incorrect and wrong and false declaration on oath were made in the income tax return on advice given by a Chartered Accountant. This was contradicted and controverted by the Chartered Accountant in his statement, who had stated that he had not examined books of accounts. Reasoning given ...