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of <h1>Section 72A Finance Act 1994: Special Audits by Chartered Accountants Can Be Challenged; Delhi, Calcutta Rulings Favor Assessees.</h1> Section 72A of the Finance Act, 1994, effective from May 28, 2012, allows for special audits by Chartered or Cost Accountants, ordered by the Principal Commissioner or Commissioner of Central Excise. This can occur if there is suspicion of incorrect service tax declarations, misuse of tax credits, or complex operations across multiple locations. The auditor must submit a certified report, and the auditee is entitled to a hearing regarding the audit findings. Legal challenges in Delhi and Calcutta High Courts have favored assessees, questioning the special audit and premises visits by authorities.
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