https://www.taxtmi.com/circulars?id=10343 The instruction shifts emphasis to early, objective examination of audit objections and requires retaining ledger cards while obtaining ITO explanations where Audit reports mistakes involving revenue of Rs. 10,000 or more in Income-tax or Rs. 1,000 or more in other taxes caused by failure to follow departmental instructions, failure to follow binding judicial decisions, or palpable mistakes from gross negligence or mala fide action. Explanations are also mandatory where the ITO fails to take timely, adequate remedial action on audit objections causing irretrievable revenue loss. en-us Sun, 19 Jan 1975 00:00:00 +0530 Mon, 13 Jun 2011 16:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=10343 The instruction shifts emphasis to early, objective examination of audit objections and requires retaining ledger cards while obtaining ITO explanations where Audit reports mistakes involving revenue of Rs. 10,000 or more in Income-tax or Rs. 1,000 or more in other taxes caused by failure to follow departmental instructions, failure to follow binding judicial decisions, or palpable mistakes from gross negligence or mala fide action. Explanations are also mandatory where the ITO fails to take timely, adequate remedial action on audit objections causing irretrievable revenue loss. Circulars Income Tax Sun, 19 Jan 1975 00:00:00 +0530 https://www.taxtmi.com/circulars?id=10343