TMI BlogRemedial action in case of audit objections.X X X X Extracts X X X X X X X X Extracts X X X X ..... option should be kept open so that there is no loss of revenue due to failure to take remedial action, if and when an audit objection is finally accepted. Attention is also invited to Circular F.No. RA-6/320/76-DIT dated 22-8-77 issued by the DI(IT A) laying down that even in these cases where the Board decides not to accept the audit objection, remedial action has to be kept open or, where nece ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... below in para (a). After initiating appropriate remedial action u/s.263, 147 or 154, the matter may be examined after taking into account the audit objection, Audit's rejoinder after the Departments reply the assessee representations and the relevant judicial decisions. If on such examination it is still found that the audit objection is not acceptable, remedial action in respect of minor objectio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n of the Board which had issued the instruction will re-examine the Instruction in the light of the audit objection. If on such re-examination Audits view is found unacceptable, Audit will be informed accordingly and no remedial action need be taken as a precautionary measure. However, if Audits view is found to be correct, instruction will have to be suitably modified, amended or withdrawn. Such ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ere the objection is purely one on facts and no legal issues are involved remedial action may be dropped if the facts found on examination are contrary to what is stated by Audit. 4. The above instructions may please be brought to the notice of all the officers concerned working in your jurisdiction. - Circular - Trade Notice - Public Notice - Instructions - Office orders Tax Management India ..... X X X X Extracts X X X X X X X X Extracts X X X X
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