Penalty u/s 271B - delayed submission of the audit report - assessee’s only case is that it was not...

Penalty u/s 271B - delayed submission of the audit report - assessee’s only case is that it was not aware of the requirement of law - The explanation is not valid on facts as well. The assessee could validly argue non-conduct of tax audit under the Act, stating to have obtained the said report for the first time, only where it had furnished the other audit report, i.e., under the Kerala Act, of which it was aware, by the due date, i.e., 31.10.2013. The requirement of filing both the audit report..... .....

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