Appreciation of Audit Report/Certification in assessment proceedings

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..... that in many cases the information available in the tax audit reports is not being properly analyzed during assessment proceedings thereby defeating the very purpose of providing for audit of accounts in the Income-tax Act i.e., to ensure that correct deductions are claimed by the assessee. It is, therefore, re-iterated that the tax audit reports as well as other statutory audit reports should be .....

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..... . 3CD). 4. Instead of simply relying on the said certificates given by the assessees, the assessing officers should undertake a test check of such transactions while completing the assessments under scrutiny. Results of such test check should also be kept on record. In case, any violation is noticed, follow up action as per the Income-tax. Act including invoking of penal provisions should be take .....

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