Deduction under section 32AB: audit form prescribes documentary, accounting and deposit requirements to claim investment deduction. Sets out two audit-report formats to support claims for the investment deduction: Part I when accounts are audited under another law (annex statutory audit report and audited financial statements), and Part II when no other audit exists (auditor to examine books, confirm proper records and that accounts give a true and fair view). Both require the auditor to verify and sign the detailed particulars in Part III, which specify accounting method, separate accounts status, reconciliation adjustments, Development Bank deposit and withdrawal details under the Investment Deposit Account Scheme, asset acquisition/disposal disclosures, and the amount of deduction permissible.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Deduction under section 32AB: audit form prescribes documentary, accounting and deposit requirements to claim investment deduction.
Sets out two audit-report formats to support claims for the investment deduction: Part I when accounts are audited under another law (annex statutory audit report and audited financial statements), and Part II when no other audit exists (auditor to examine books, confirm proper records and that accounts give a true and fair view). Both require the auditor to verify and sign the detailed particulars in Part III, which specify accounting method, separate accounts status, reconciliation adjustments, Development Bank deposit and withdrawal details under the Investment Deposit Account Scheme, asset acquisition/disposal disclosures, and the amount of deduction permissible.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
AI OCR ✕
of 
TaxTMI 
TaxTMI 
