Proper utilization of information contained in the audit report submitted under section 44AB of the Income tax Act, 1961.

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..... ing. Attention is invited to Board's Instruction No. 1959 dated 28.1.99 which was issued earlier for proper administration of provisions of section 44AB of Income tax Act, 1961. In the mean time, the Finance Act, 1999, has amended the provisions of section 143(1)(a), doing away with the requirement of processing under that section. Therefore, certain activities namely, lisated at para 2(i), (ii) .....

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..... lso required to be examined to see if it contains any credible information on the basis of which case can be picked up for assessment under section 143(3). (iii) While scrutinising audit report attention should also be paid to para 2(vi) (vii) of Instruction No. 1959 dated 28.1.99. In view of revised format of audit report, the Institute of Chartered Accountant of India has since revised its g .....

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..... arterly progress is revised the Assessing Officers will fill up the information in prescribed format and attach with quarterly progress report. 4. The above instructions may be brought to the notice of all Assessing Officers in your region and necessary compliance ensured. The Supervisory Officers should also be asked to monitor the compliance of these instructions on a regular basis. F.No. 2 .....

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