Amendment of section 14A.
104. In section 14A of the Central Excise Act,—
(i) in sub-sections (1) and (2), for the words "cost accountant,", the words "cost accountant or chartered accountant" shall be substituted;
(ii) the Explanation shall be renumbered as Explanation 1 thereof, and after Explanation 1 as so renumbered, the following Explanation shall be inserted, namely:—
'Explanation 2.— For the purposes of this section, "chartered accountant" shall have the meaning assigned to it in clause (b) of sub-section (1) of section 2 of the Chartered Accountants Act, 1949 (38 of 1949)."
Notes on Clauses:
Clause 104 of the Bill seeks to amend section 14A of the Central Excise Act by inserting the words "chartered accountant" in subsection (1) and sub-section (2) and by adding an Explanation to said section so as to empower the Chief Commissioner of Central Excise to nominate chartered accountant or cost accountant for special Audit under this section and to explain the expression "chartered accountant".
