Dismissing the appeal the Court held that the mere fact that the audit of the assessee was conducted under the provisions of the Co-operative Societies Act would not be sufficient. Even assuming (without admitting) that the furnishing of a report of the audit conducted by the competent auditor stipulated under the Co-operative Societies Act would be sufficient compliance with the first limb of the second proviso, it was evident that the further report by an accountant, as mandated to be furnished in form 3CD, was not furnished by the assessee . Moreover, the factual finding arrived at by the Tribunal was to the effect that the assessee had furnished only the annual report depicting the audited financial statement along with copy of the receipts and distribution statements. The levy of penalty  was held to be justified.( AY.2014-15)