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 th

Please become a Premium member. If you are already a Premium member, login here to access the full content.