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No Escape from 271B Penalty if Audit Report Not Signed in Time: ITAT Lucknow
Case Law Details
- Case Name
- Moqeetur Rahman Khan Vs ITO (ITAT Lucknow)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2018-19
- Courts
- All ITAT, ITAT Lucknow
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Moqeetur Rahman Khan Vs ITO (ITAT Lucknow)
Blaming Auditor Won’t Save You – ITAT Upholds Penalty for Delay in Furnishing Tax Audit Report; No Escape from Section 271B Penalty if Audit Report Not Signed in Time, Rules ITAT Lucknow
Lucknow ITAT confirmed the levy of penalty u/s 271B holding that failure to get the accounts audited & to furnish the audit report within the prescribed time cannot be excused merely by blaming the Chartered Accountant for delay in e-filing.
Assessee, engaged in derivative trading, had a turnover declared at ₹43.60 crore in Form 10DB & ₹11.28 cr...
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