Panel of Chartered Accountants for special audit u/s 142(2A) of Income-tax. - Income Tax - 1080/CBDT

INSTRUCTION NO. 1080/CBDT Dated : July 22, 1977 Section(s) Referred: 142(2A) Statute: Income - Tax Act, 1961 Reference Shri S.I. Tripathi's D.O.F.No.2/7/75-I.C of 12th March, 1976, on the above subject. 2. The Board have decided that it should be left to the Commissioners themselves to draw a panel of Chartered Accountants for special audit u/s 142(2A) of Income-tax. The number of chartered Accountants to be empanelled may be decided by Commissioners, taking into consideration the local conditions. In multicommissioner charges, a common panel should be drawn up. However the Board have laid down the following guidelines for this purpose. Normally Auditors satisfying the following condition may be empanelled. (i) He should have experience of atleast 10 years as practising Chartered Accountants. (ii) His latest returned income from profession should be above Rs.12,000. In the case of a partner in a firm, the latest returned share of income should be above of Rs.12,000. (iii) He should have sufficient experience in Income-tax matters. Though it is entirely left to the Commissioners to draw the panel of Chartered Accountants, it is expected that they empanel only such Chartered Accountants having sufficient experience and expertise and of outstanding integrity and at the same time willing to undertake the work. 3. As regards the scale of audit fees the Board feel that the fees would depend on the facts of each case and local conditions.