Late filing of audit report
This query is : Resolved
ram gurbani
(Querist)
17 December 2011
Dear Sir,
co-operative society has done audit of F.Y 09-10 on dated 22-03-2011 i.e. after due date .Reason of delay audit told that their statutory audit under maharashtra state co op. society act of f.y 09-10 conducted late and statutory audit report received on 16-03-2011, hence tax audit was conducted late. Now whether they are liable for penalty for late audit or Is there any remedy.
Plz guide.
co-operative society has done audit of F.Y 09-10 on dated 22-03-2011 i.e. after due date .Reason of delay audit told that their statutory audit under maharashtra state co op. society act of f.y 09-10 conducted late and statutory audit report received on 16-03-2011, hence tax audit was conducted late. Now whether they are liable for penalty for late audit or Is there any remedy.
Plz guide.
CA PARAS BAFNA
(Expert)
18 December 2011
Penalty U/s 271B may be levied by the AO but if sufficient reasons of delay makes him satisfied , he may not levy any penalty.
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