Where, in the course of any proceeding under this Act, the Deputy Commissioner of Taxes, the Additional Commissioner of Taxes (Appeals), the Commissioner of Taxes (Appeals) or the Appellate Tribunal is satisfied beyond reasonable doubt that the audit report—

(a) is not certified by a chartered accountant to the effect that the accounts are maintained and the statements are prepared and reported in accordance with the International Accounting Standards (IAS) and the International Financial Reporting Standards (IFRS) and are audited in accordance with the International Standards on Auditing (ISA), or

(b) is false or incorrect,

in such cases, he shall impose upon such chartered accountant a penalty of a sum not less than Taka 50 (fifty) thousand but not more than Taka 2 (two) lakh.