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Penalty for not getting accounts audited

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(Querist)
23 March 2009 One party has to get accounts audited from Accountant's General, but till date no intimation was received from them for starting audit for the year 2007-2008. What will be the Penalty for the Company.
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CA LOKESH KASAT, FCA, M.Com

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CA LOKESH KASAT, FCA, M.Com (Expert)
23 March 2009 Very famous Case law: RRVPNL Vs ITAT. No penalty, as over this company has no control.

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