117th Report to the 4th Lok sabha the PAC.

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..... into questions relating to depreciation and development rebate while checking assessments. Till recently the scope of internal audit was limited to scrutiny of arithmetical calculations. Although Internal Audit parties are now required to check whether the total depreciation allowed exceeds the original cost, there are still no specific instructions authorising them to check the admissibility of .....

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..... e to ask them to scrutinise whether the assets include intangible ones also. The better course would therefore be for the ITOs to obtain a break-up of the assets include intangible ones. The IAPs should thereafter be asked to check up whether they have done so and whether any depreciation has been incorrectly allowed on intangible assets as well. 4. The board desire that the above instructions m .....

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