https://www.taxtmi.com/caselaws?id=68055 Penalty under section 271B was considered in the context of delay in completing audit under section 44AB where a co-operative society's accounts were required to be audited by the Registrar under the Rajasthan Co-operative Societies Act, 1965. The late appointment of the statutory auditor caused the delay, and the assessee had no control over that process. For the relevant assessment years, reasonable cause excluded penalty, and the later amendment extending the default to non-furnishing of the audit report with the return did not apply. The penalty was therefore not leviable and its deletion was upheld. en-us Fri, 28 Aug 1992 00:00:00 +0530 Wed, 16 Mar 2011 16:52:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68055 Penalty under section 271B was considered in the context of delay in completing audit under section 44AB where a co-operative society's accounts were required to be audited by the Registrar under the Rajasthan Co-operative Societies Act, 1965. The late appointment of the statutory auditor caused the delay, and the assessee had no control over that process. For the relevant assessment years, reasonable cause excluded penalty, and the later amendment extending the default to non-furnishing of the audit report with the return did not apply. The penalty was therefore not leviable and its deletion was upheld. Case-Laws Income Tax Fri, 28 Aug 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68055