He also claimed that it included confidential information that would affect LU's negotiations with bidders for the public–private partnership scheme.
Smith said: "The report holds no fear for the Underground. But it does little to further any informed debate."
The report was released last week after the Court of Appeal overturned an LU bid to block it.
London mayor Ken Livingstone said the report backed his call for the PPP to be thrown out by the government.