Definition of Major audit objection revised, affecting classification and reporting and strengthening supervisory reporting timelines. Revision strengthens supervisory oversight and reporting for settlement of Revenue Audit objections: CCIT/DGIT must review monthly performance, submit annexed proforma reports, reconcile CAP II and quarterly statistics, and monitor remedial actions and action against erring officers. CsIT/DsIT must ensure Internal Audit precedes Revenue Audit, provide LARs to CIT (Audit), avoid bunching of replies, keep correspondence approving remedial action in files, observe timelines for initiation and completion of remedial orders, hold monthly review meetings and coordinate quarterly with the external audit office.
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Provisions expressly mentioned in the judgment/order text.
Definition of Major audit objection revised, affecting classification and reporting and strengthening supervisory reporting timelines.
Revision strengthens supervisory oversight and reporting for settlement of Revenue Audit objections: CCIT/DGIT must review monthly performance, submit annexed proforma reports, reconcile CAP II and quarterly statistics, and monitor remedial actions and action against erring officers. CsIT/DsIT must ensure Internal Audit precedes Revenue Audit, provide LARs to CIT (Audit), avoid bunching of replies, keep correspondence approving remedial action in files, observe timelines for initiation and completion of remedial orders, hold monthly review meetings and coordinate quarterly with the external audit office.
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