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For each of the following independent cases, indicate whether you believe any penalty would be assessed under ITA 163.2 on any of the parties involved.

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For each of the following independent cases, indicate whether you believe any penalty would be assessed under ITA 163.2 on any of the parties involved. Explain your conclusion. Case 3 In preparing a tax return for one of his clients, an accountant uses the financial statements of another accountant to determine the client's business income inclusion. The accountant does not see anything in these statements that seems unreasonable. When his client's return is audited, the CRA finds that the business income financial statements prepared by the other accountant contained material misrepresentations

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