2025 (4) TMI 2013

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....Act, 1961 ["the Act"] for the assessment years 2011-2012, 2012-2013, 2020-2021 and 2021- 2022. 2. Since common issues are involved in these appeals, they were heard together and are being disposed of by this consolidated order for the sake of convenience. We take the appeal bearing ITA No.884/Coch/2024 for assessment year 2011-2012 as the lead appeal for adjudication, and the decision that would arrive at therein would be applicable to the other appeals as well. 3. Briefly the facts of the case are that the appellant is a co-operative society duly registered under the Kerala Co-operative Societies Act, 1969. It is classified as a primary agricultural credit society. The appellant had not filed the regular return of income under the pr....

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....lty, an appeal was preferred before the CIT(A), who vide the impugned order, confirmed the levy of penalty. 5. Being aggrieved, the appellant is in appeal before the Tribunal in the present appeal. The learned Counsel submits that the appellant had failed to submit the prescribed audit report u/s.44AB of the Act because the delay in completion of audit under the State Co-operative Department under the provisions of Kerala Co-operative Societies Act and the consequential delay in completion of statutory audit. It is further submitted that the department had caused the special audit u/s.142(2A) of the Act and the object of the provisions of sec.44AB of the Act is fulfilled by the audit u/s.142(2A) of the Act, and therefore, no penalty can ....

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....partment, there was consequential delay in completion of the statutory audit. Undoubtedly, this would constitute a reasonable cause for delayed submission of prescribed audit report u/s.44AB of the Act. But this proposition does not hold good in the present case, as the appellant had failed to submit the prescribed audit report even after completion of the audit by the State Co-operative Department under the statutory audit. However, the penalty proceedings initiated u/s.271B are vitiated as barred by limitation. In the present case, the relevant assessment years are 2011-2012 and 2012-2013 in respect of ITA No.884 and 885/Coch/2024, respectively, and the penalty proceedings u/s.271B of the Act have no relevance with the assessment proceedi....