2017 (7) TMI 430 - SCH - Income Tax

Special audit under Section 142 2A - Held that - The special leave petitions are dismissed. HC order confirmed 2017 (4) TMI 360 - GUJARAT HIGH COURT HC has held that having found that there are complex issues relating to introduction of land by the partners into the firms; revaluation of land; credit of partners in capital account equal to revalued amount of land; conversion of capital account to loan account of shareholders and issues relating to issuance of equity shares against the balances of revaluation credits at an unreasonable premium, and after having been satisfied that considering the specialized nature of business activities of the assessee, the Assessing Officer has passed an order of special audit in exercise of powers under Section 142 2A of the Act. Considering the scope and ambit of Section 142 2A of the Act, it cannot be said that in the facts and circumstances of the case, the respondent has committed any error and/or any illegality while passing the order under Section 142 2A of the Act. - Decided against assessee.