Penalty Waived for Non-Filing of Tax Audit Report if Genuine Belief Accounts Aren't Audit-Required u/s 44AB.

Penalty u/s. 271B - non filing the tax audit report - when the assessee entertained bona-fide belief that its account were not subject to audit u/s. 44AB, it would certainly constitute reasonable cause for not obtaining the audit report and, therefore, the question of imposing of the penalty u/s. 271B does not arise. - AT .....

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