Section 271B Penalty Upheld for Non-Compliance with Section 44AB Tax Audit

Pristine Jewellery Vs ITO (ITAT Surat) ITAT Surat Upholds Rs. 1.5 Lakh Penalty on Jewellery Firm for Tax Audit Non-Compliance The Income Tax Appellate Tribunal (ITAT) Surat Bench has affirmed a penalty of Rs. 1,50,000/- imposed on Pristine Jewellery for its failure to comply with the mandatory tax audit requirements under Section 44AB of the Income-tax Act, 1961, for Assessment Year (AY) 2012-13. The Tribunal rejected the assessee’s arguments of “reasonable cause” and highlighted its consistent failure to furnish the audit report. The case originated from an assessment order ...