ITAT Upholds Rs.1.5L Penalty on Jewellery Firm for Tax Audit Non-Compliance [Read Order]

The CIT(A) found no trace of the audit report being filed on the department’s portal and concluded that the assessee had failed to establish any reasonable cause for the non-compliance
By Adwaid M S - On May 27, 2025 2:35 pm - 2 mins read
ITAT penalty - Tax audit penalty - Section 44AB penalty - taxscan

The Income Tax Appellate Tribunal (ITAT), Surat Bench, has upheld a penalty of Rs.1,50,000 imposed on a Jewellery for failure to comply with mandatory tax audit requirements under Section 44AB of the Income Tax Act, 1961, for the Assessment Year 2012–13. The appellant, Pristine Jewellery, had challenged the penalty order under Section 271B on the…

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