Section 271B penalty not justified for delay due to late appointment of Auditor by CAG

Madhya Pradesh Audyogik Kendra Vikas Nigam (Indore) Limited Vs DCIT (ITAT Indore)

The assessee has challenged the penalty to the tune of Rs.1,50,000/-levied under Section 271B of the Act. The assessee, a Government company, wherein appointment of Auditor in the case of the appellant was governed by the provision of section 619(2) of the Companies Act, 1956 for the year under consideration. In short, the Auditor, in the case of the appellant was to be appointed by the Comptroller and Auditor-General of India. In this particular case for

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