Clause 158 - Special Audit - Direct Taxes Code Bill, 2009

Special Audit 158. (1) The Assessing Officer may direct the assessee to get his accounts audited by an accountant, if at any stage of the proceeding, he is of the opinion that, having regard to the nature and complexity of the accounts of the assessee and the interests of revenue, it is necessary to do so . (2) The Assessing Officer shall not issue any direction under sub-section (1) unless the assessee has been given a reasonable opportunity of being heard and prior approval of the Chief Commissioner or Commissioner has been obtained. (3) The provisions of sub-section (1) shall have effect regardless of the fact that the accounts of the assessee have been audited under any other law for the time being in force or otherwise. (4) The accountant shall, for the purposes of sub-section (1), be nominated by the Chief Commissioner or Commissioner. (5) The accountant shall furnish a report of the audit referred to in sub-section (1) in the prescribed form duly signed and verified by him and setting forth such particulars as may be prescribed and such other particulars as the Assessing Officer may require. (6) The accountant shall furnish the report referred to in sub-section (5) within the time allowed by the Assessing Officer. (7) The Assessing Officer may extend the time allowed under sub-section (6) by such further period or periods as he thinks fit, for reasons to be recorded in writing. (8) However, the aggregate of the period allowed under sub-section (6) and the further period or periods allowed under sub-section (7) shall not exceed one hundred and eighty two days from the date on which the direction under sub-section (1) is received by the assessee. (9) The accountant shall furnish the report referred to in sub-section (5) to the Assessing Officer and a copy of the same to the assessee. (10) The remuneration of the accountant and other expenses of any audit under subsection (1) shall be determined and paid by the Chief Commissioner or Commissioner in accordance with such guidelines as may be prescribed.