Cost audit compliance: tax officers must review audit reports or require cost statements to determine company income. Income-tax Officers must verify whether a company is subject to cost audit and, if so, examine the Auditor's report on cost accounts and cost statements before completing assessments. If a statutory cost audit report for the relevant year is not available, officers shall call for and examine the regularly maintained cost accounting records and cost statements prescribed by the Cost Accounting Records Rules to determine the company's income.
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Provisions expressly mentioned in the judgment/order text.
Cost audit compliance: tax officers must review audit reports or require cost statements to determine company income.
Income-tax Officers must verify whether a company is subject to cost audit and, if so, examine the Auditor's report on cost accounts and cost statements before completing assessments. If a statutory cost audit report for the relevant year is not available, officers shall call for and examine the regularly maintained cost accounting records and cost statements prescribed by the Cost Accounting Records Rules to determine the company's income.
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