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TIME LIMIT FOR COMPLETION OF ASSESSMENT FROM THE DATE OF SPECIAL AUDITOR S REPORT UNDER INCOME TAX ACT 1961

TIME LIMIT FOR COMPLETION OF ASSESSMENT FROM THE DATE OF SPECIAL AUDITORíS REPORT UNDER INCOME TAX ACT, 1961 - Income Tax - Direct Tax Code - DTC - By: - Mr.†M. GOVINDARAJAN - Dated:- 26-4-2016 - Section 142(2A) of the Income Tax Act, 1961 ( Act for short) provides for the conduct of special audit that may directed by the Assessing Officer. The said section provides that if, at any stage of the proceedings before him, the Assessing Officer, having regard to the - nature and complexity of the acc .....

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low section 288(2), nominated by the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner in this behalf and to furnish a report of such audit in the prescribed form duly signed and verified by such accountant and setting forth such particulars as may be prescribed and such other particulars as the Assessing Officer may require. The Assessing Officer shall not direct the assessee to get the accounts so audited unless the assessee has been given a reasonabl .....

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been dropped as no opportunity was provided to the assessee. On 30.11.2006 another notice was issued under Section 142(2A) of the Act proposing to send the books of the account of the assessee for special audit. The assessee objected the same that there was no complexity in the accounts. The Assessing Officer obtained the prior permission of the Commissioner on 18.12.2006 and directed the assessee to get the accounts audited. He fixed the due date for submission of special audit on 28.02.2007. .....

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ourt against the order of the Tribunal and framed four questions of law as detailed below: Whether the Tribunal was correct in law in holding that the time for furnishing the special audit report could not have been extended beyond 27.01.2007 being 180 days from 31.07.2006 being the date of the first direction and the order of assessment ought to have been made by 26.03.2007 and consequently the assessment order passed on 27.04.2007 is barred by limitation on the facts and circumstances of the c .....

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rmissible and the second direction given to obtain the audit report before 28.04.2007 is to elongate the assessment proceedings and also contrary to section 142(2C) of the Act on the facts and circumstances of the case? Whether the assessment order is barred by limitation as it was made beyond the period of limitation on the facts and circumstances of the case? The High Court heard both parties. First it considered the question of law of 4th, relating to the limitation since it goes into the roo .....

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