Contact us   Feedback   Subscription   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

DIRECTION FOR SPECIAL AUDIT SECTIONS 142(2A)

Income Tax - Return of Income and Assessment Procedure - 14 - Direction under section 142(2A) can be issued if Assessing Officer is of the opinion that it is necessary to get the accounts audited having regard to: Complexities involved in accounts[i]; or Volume of the accounts; or Doubts about the correctness of the accounts; or Multiplicity of transactions in the accounts; or Specialized nature of business activity of the assessee; AND It is in the interest of the revenue to get the special aud .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

Court shall quash such direction issued under section 142(2A). If Assessing Officer issues direction under section 142(2A) without giving a show cause notice to the assessee, then assessee can file a WRIT PETITION in High Court against such direction and High Court shall quash such direction issued under section 142(2A). The direction under section 142(2A) can be issued only when the case is pending before the Assessing Officer in an assessment/reassessment. This direction can be issued with the .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

Act or under any other law. The assessee is to furnish the report of such audit in the prescribed form to the Assessing Officer within the time period specified in the direction. Such period may be extended by Assessing Officer, suo motu, or on an application made by the assessee and for any good and sufficient reason. However, that the aggregate of the time period originally fixed and the time period so extended shall not exceed 180 days from the date the direction is received by the assessee. .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ommissioner of Income-tax [2004 (3) TMI 706- ITAT JODHPUR]. CONSEQUENCES OF FAILURE TO GET BOOKS AUDITED:- Failure to comply with the direction under section 142(2A) to get books of account audited entails the best judgment assessment under section 144. Besides, it attracts penalty under section 271 and prosecution under section 276D. These provisions are attracted only if there is a default by the assessee. If the accountant nominated by the Commissioner refuses to audit the accounts, the asses .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version