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of <h1>Income-tax Act Section 142 amended: Assessing Officer can order audits or inventory valuation with prior approval.</h1> Section 142 of the Income-tax Act has been amended to allow the Assessing Officer, with prior approval, to direct an assessee to have accounts audited or inventory valued if the accounts are complex or there are doubts about their correctness. The audit or valuation must be conducted by a nominated accountant or cost accountant, with a report furnished in the prescribed form. The assessee must be given a reasonable opportunity to be heard before such directions are issued. The amendment also updates references to include inventory valuation alongside audits and defines 'cost accountant' as per the Cost and Works Accountants Act, 1959.
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