2002 (7) TMI 45

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..... Co-operative Dairy Federation Ltd., is a co-operative society governed by the provisions of the Rajasthan Co-operative Societies Act, 1965. As per the requirement of section 44AB of the Income-tax Act, 1961, the assessee should get its accounts of the previous year audited by an auditor before the specified date. For the assessment year 1986-87, the specified date was June 30, 1986, and for the assessment year 1988-89, the specified date was June 30, 1988. Admittedly, the assessee had not got its accounts audited before the aforesaid specified dates, and therefore, the proceedings for imposing penalty under section 271B were initiated by the Assessing Officer and he levied the penalty of Rs. 1 lakh for each year, i.e., 1986-87 and 1988-89. .....

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..... tention to page No. 42 of the paper book which relates to the order dated May 8, 1994, passed by the Registrar, Co-operative Societies, Jaipur, wherein it has been directed that no certificate with regard to tax audit shall be issued unless the accounts are got audited by the auditor appointed by the Registrar, Co-operative Societies. Mr. Jain also brought to our notice that in spite of the requests made by the assessee to the Registrar, Co-operative Societies, Jaipur, for appointment of the auditor before the specified dates the same had not been done by the Registrar and in the absence of appointment of the auditor, it was beyond the control of the assessee to get its accounts audited and the delay had been caused due to late appointment .....

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..... section 271B is not justified. The admitted facts in this case are that the assessee is a co-operative society and its accounts must be got audited by the auditor appointed by the Registrar, Co-operative Societies and, no other auditor can audit the accounts of the assessee. Mr. Jain, learned counsel for the assessee has rightly brought to our notice the order of the Registrar, Co-operative Societies, Jaipur, dated May 8, 1994, wherein the Registrar, Co-operative Societies, has ordered that no certificate shall be issued with regard to tax audit unless the accounts are got audited by the auditors appointed by the Registrar, Co-operative Societies, Jaipur. In the case in hand, the assessee had requested the Registrar, Co-operative Societie .....

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