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TMI BlogAmendment of section 142.X X X X Extracts X X X X X X X X Extracts X X X X ..... e of the accounts, doubts about the correctness of the accounts, multiplicity of transactions in the accounts or specialised nature of business activity of the assessee, and the interests of the revenue, is of the opinion that it is necessary so to do, he may, with the previous approval of the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner, direct the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erified by such cost accountant and setting forth such particulars, as may be prescribed, and such other particulars as the Assessing Officer may require: Provided that the Assessing Officer shall not direct the assessee to get the accounts so audited or inventory so valued unless the assessee has been given a reasonable opportunity of being heard. ; (b) in sub-section (2D), (i) for the words, bra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion (4), the following Explanation shall be inserted, namely: Explanation. For the purposes of this section, cost accountant means a cost accountant as defined in clause (b) of sub-section (1) of section 2 of the Cost and Works Accountants Act, 1959 (23 of 1959) and who holds a valid certificate of practice under sub-section (1) of section 6 of the said Act. . - Clause 68 of the Bill seeks to amen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... enable the Assessing Officer to get the inventory of the assessee also valued by a cost accountant. It is also proposed to insert an Explanation in the said section to define cost accountant to mean a cost accountant as defined in clause (b) of sub-section (1) of section 2 of the Cost and Works Accountants Act, 1959 and who holds a valid certificate of practice under subsection (1) of section 6 of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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