Co-operative Society Challenges Section 271B Penalty for Late Audit Due to Delayed Auditor Appointment; AO to Verify Facts.

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....Levy of penalty u/s. 271B - non completion of audit within reasonable time - Co-operative society - If the appointment of the statutory/tax auditor was done after the due date of completion of audit u/s 44AB and audit was completed within a reasonable time of such appointment, then the penalty u/s 271B cannot be held as justified. - AO directed to verify the facts - AT....