No penalty for delay in Audit Report submission due to delay by ROC appointed Auditors

Kendrapara Credit Co-operative Society Ltd. Vs ITO (ITAT Cuttack) A perusal of the facts as recorded by the AO shows that the delay in submitting the audit report was on account of delay in obtaining audit report from the statutory auditors. It is fairly admitted that the statutory auditors is appointed by the Registrar of Co-operative Societies and not by the assessee. This being so, we are of the view that the assessee has sufficient and reasonable cause for delay in obtaining the audit report. It is also an admitted fact that the audit report was available before the AO, when the assessment...