Tax audit applicability for local authority

Dear Professionals

Applicability of Tax Audit

Name : Slum clearance Board, a Local Authority

The main object of the Board is providing subsidy to poor for building house.

Funds for the scheme was rceived from Government by way of Govt. Grants ( 24 Crores).

Other incomes are

1. interest on FD (Temporary deposit of Grants)       -  Rs. 1,.40 Crores

2. Rental Income                                                        - Rs.  24 Lacs

3. Sale of Tender form                                                - Rs.  6 Lacs

My query is whether Tax audit u/s 44 AB is Applicable to this Local Authority?

Thanks in advance for your reply.