9911796707
TMI Blog2008 (2) TMI 315X X X X Extracts X X X X X X X X Extracts X X X X ..... esh Putney, Advocate, for the appellants. JUDGMENT The judgment of the court was delivered by SATISH KUMAR MITTAL, J. - This order shall dispose of two Income Tax Appeals bearing Nos.584 and 585 of 2007 filed under Section 260A of the Income Tax Act, 1961 (hereinafter referred to as 'the Act'), which are arising from the common order dated 9.3.2007 passed by the Income Tax Appellate Tribunal, Delhi Bench 'H' Delhi (hereinafter referred to as 'the ITAT') for the Assessment Year 2004-05, whereby two appeals filed by the different assessees, in which the common question of law was involved, were disposed of. 2. The common issue involved in these appeals is relating to the penalty imposed under Section 271B of the Act for violati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed 22.08.2005 by taking a plea that it being a Co-operative Society, was required to get its accounts audited by the auditor appointed by the Registrar, Co-operative Societies under the provisions of the Societies Act, and since the auditor was not appointed by the Registrar within the stipulated time, therefore, the audit report could not be submitted in time. 5. Before the Assessing Officer, the Society raised a contention that annual audit fee is being paid by the Society regularly, but since the accounts of the Society are not being carried out in time due to non-availability of sufficient number of auditors in Co-operative Department, which is not a fault of the Society, the Society can not be penalized for the fault of others. It ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... xempt u/s 80P. Being a cooperative society, the provisions of section 80P are applicable to the case of the assessee. In the case of Narender Kumar, it was held that if the income was below taxable limit, that constituted reasonable cause for not getting accounts audited. In this case, the assessee suffered loss and, therefore, ration of this decision applied to the facts of the case. In the case of Patel Ambalal Somnath Sarkar, it was held that if the turnover of the assessee was below Rs. 40 lakh, but the gross turnover and receipts exceeded Rs.40 lakh and the assessee entertained a bona fide belief that because of the turnover being less than Rs.40 lakh, he was not required to get the accounts audited, such belief constituted reasonable ..... X X X X Extracts X X X X X X X X Extracts X X X X
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