https://www.taxtmi.com/caselaws?id=234930 Where a cooperative society's accounts are audited under another law, compliance with the proviso to Section 44AB of the Income-tax Act is satisfied if the audit is conducted under that law and the report is furnished in the prescribed manner before the specified date. The fact that the audit report was completed late, because the assessee had no control over the statutory auditor's appointment and completion of audit, constituted reasonable cause under Section 273B. Penalty under Section 271B was therefore not sustainable, and relief from the penal consequence followed. en-us Fri, 31 May 2013 00:00:00 +0530 Fri, 25 Oct 2013 12:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=234930 Where a cooperative society's accounts are audited under another law, compliance with the proviso to Section 44AB of the Income-tax Act is satisfied if the audit is conducted under that law and the report is furnished in the prescribed manner before the specified date. The fact that the audit report was completed late, because the assessee had no control over the statutory auditor's appointment and completion of audit, constituted reasonable cause under Section 273B. Penalty under Section 271B was therefore not sustainable, and relief from the penal consequence followed. Case-Laws Income Tax Fri, 31 May 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=234930