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

(a) Not certified by a Chartered Accountant to the effect that International Accounting Standards (IAS) & International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISA) have been followed in maintaining accounts, preparing statements and reporting;

(b) is untrue or incorrect,

In that case, will impose a fine of minimum 50 (fifty) thousand taka and maximum taka 2 (two) lakh on

the said chartered accountant.