Rejection of Books u/s 145 Does Not Retrospectively Waive Mandatory Obligation to Furnish Audit Report u/s 44AB: ITAT

The ITAT has ruled that the "rejection of books under Section 145" does "not retrospectively waive a mandatory obligation to furnish an audit report under Section 44AB." The tribunal's decision, which is a significant victory for the government, was made on the grounds that the company's claim was not supported by evidence. The ruling clarifies that a company can be held responsible for the misdeeds of another person. The court’s decision is a crucial reminder to all that they must be diligent in their dealings.