Penalty u/s 271B confirmed as sufficient cause not shown for non-furnishing of audit report: ITAT Chennai

Goodwill Team Papers Ltd Vs ACIT (ITAT Chennai) ITAT Chennai confirmed penalty imposed under section 271B of the Income Tax Act for non-furnishing audit report, in absence of any reasonable or sufficient cause for not complying with legal provisions of section 44AB of the Income Tax Act. Facts- The only issue in the appeal of the assessee is as regards to order of the Ld.CIT(A) confirming penalty levied by the Assessing Officer u/s.271B of the Income Tax Act for violation of the provisions of section 44AB of the Income Tax Act for not filing the audit report. Conclusion-Assessee has not furnis...