TMI Blog2013 (7) TMI 88X X X X Extracts X X X X X X X X Extracts X X X X ..... that, in that matter of delaying in completing the audit and signing the audit report, respondent has been able to establish that there was reasonable cause therefor, inasmuch as, neither appointment of the auditor was within its domain and, at the same, time, it was also not within his domain to have the auditor to be appointed by the Registrar or such other person to be appointed by the State Go ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s of every co-operative society, at least once in each co-operative year. The accounts of the respondent were, accordingly, required to be audited in accordance with the mandate contained in Section 64 of the Act. Income of a co-operative society under the Income Tax Act, 1961 is taxable. Section 80P of the Income Tax Act permits certain deductions in respect of income of co-operative societies. D ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... audited, it shall be sufficient compliance with the provisions of this section if such person gets the accounts of such business or profession audited under such law before the specified date and furnishes by that date the report of the audit as required under such other law and a further report by an accountant in the form prescribed under this section. Explanation For the purposes of this ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... It was done, however, after the specified date. In that view of the matter, penalty proceeding under Section 271B was initiated and the respondent was penalized by imposition of penalty of Rs. 1 lac. Respondent lost before the Commissioner of Appeals, but succeeded before the Tribunal. Relief was given by the Tribunal to the respondent under Section 273B of the Income Tax Act holding that, in tha ..... X X X X Extracts X X X X X X X X Extracts X X X X
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