Inventory valuation authority expanded to allow cost accountant valuations where Assessing Officer deems accounts complex, subject to prior approval. Amendment enables the Assessing Officer, with prior approval of specified commissioners, to direct an assessee to obtain an audit of accounts by a nominated accountant or an inventory valuation by a nominated cost accountant where account complexity, volume, doubts about correctness, multiplicity of transactions or specialised business activity and the interests of revenue warrant it; reports must be in prescribed form, signed and verified by the nominated professional and the assessee must be given a reasonable opportunity of being heard.
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Provisions expressly mentioned in the judgment/order text.
Inventory valuation authority expanded to allow cost accountant valuations where Assessing Officer deems accounts complex, subject to prior approval.
Amendment enables the Assessing Officer, with prior approval of specified commissioners, to direct an assessee to obtain an audit of accounts by a nominated accountant or an inventory valuation by a nominated cost accountant where account complexity, volume, doubts about correctness, multiplicity of transactions or specialised business activity and the interests of revenue warrant it; reports must be in prescribed form, signed and verified by the nominated professional and the assessee must be given a reasonable opportunity of being heard.
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