No Escape from 271B Penalty if Audit Report Not Signed in Time: ITAT Lucknow

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...