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TMI BlogProper utilization of information contained in the audit report submitted u/s. 44AB of the Income-tax Act, 1961.X X X X Extracts X X X X X X X X Extracts X X X X ..... dministration of section 44AB of the Income-tax Act, 1961, in the audit report for the year ended 31st March, 1996, No. 12 of 1997. In para 3.2 of the report, the C & AG has made a number of observations on the lapses committed by the Department in ensuring that assesses comply with these provisions and the proper utilization of the information in the audit report by the assessing officer in makin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y invariably check whether the assessee is required to submit an audit report u/s. 44AB. (ii) In all cases of delay in furnishing of an audit report or failure to furnish the same, the assessing officer should immediately initiate proceedings for penalty u/s. 271B. The supervisory authorities may examine each quarter the number of cases where there are such delays or failures and whether penalty ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (vi) All cases where the information provided in the audit report is incomplete or such non-commital replies are furnished so as to render the remarks or the report meaningless should be reported by the assessing officer to the CIT. The matter thereafter, be taken up by the CIT to see if the case reflects any professional negligence on the part of the Accountants signing the audit report. Action ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessments completed in the last three years by the assessing officer under them to check whether all possible additions to income have been made on the basis of the information in the audit report and a report of the review be sent to the Board by each CCIT/DGIT w.r.t. their region. These aspects must also be kept in mind at the time of regular inspection of work of Assessing Officers. 3. T ..... X X X X Extracts X X X X X X X X Extracts X X X X
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