Section 71 - Amendment of section 142.

Assessing Officer powers expanded to permit mandated account audits or inventory valuations with prescribed reports and prior senior approval.

Assessing Officers may, with prior approval of the appropriate senior commissioner, direct an assessee to obtain an accounts audit by a nominated accountant or an inventory valuation by a nominated cost accountant where complexity, volume, specialised business activity or interests of revenue warrant it; the nominated professional must submit a prescribed signed and verified report with specified particulars, the assessee must be given a reasonable opportunity of being heard, and an Explanation defines 'cost accountant' by reference to the Cost and Works Accountants Act, 1959 and certificate of practice.