Introducing the “In Favour Of” filter in Case Laws.
- ⚖️ Instantly identify judgments decided in favour of the Assessee, Revenue, or Appellant
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Introducing the “In Favour Of” filter in Case Laws.
Try it now in Case Laws →
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of <h1>Companies Can't Reopen or Revise Financials Without Court Order; Fraud or Mismanagement Required for Reconsideration.</h1> A company is prohibited from re-opening its books of account or revising its financial statements unless ordered by a court or Tribunal. Such an order can only be issued if the previous accounts were fraudulently prepared or the company's affairs were mismanaged, raising doubts about the financial statements' reliability. Before issuing such an order, the court or Tribunal must notify the Central Government and Income-tax authorities and consider any representations they make. Once revised or re-cast, the accounts are deemed final under the Act.
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