Delay in filing Return of Income due to late appointment of auditor must be condoned

Brief : The assessee, a co- op bank, filed a return for AY 2001-02 showing a loss of Rs. 15.94 crores. As the return was belated, the assessee filed an application u/s 119(2)(b) with the CBDT requesting con donation of delay and for being allowed carry forward of loss. The principal ground on which con donation was sought was that there was a delay in appointment of the statutory auditor by the Registrar and a consequent delay in preparing the s. 44AB tax audit report. The CBDT rejected the application on the ground that the reasons were general in nature and there were no exceptional circumst...