https://www.taxtmi.com/caselaws?id=368410 The High Court held that the approval for a special audit under Section 142 (2A) of the Income Tax Act was unnecessary for the Public Limited Company, as transactions were covered in a previous audit report and ongoing assessment proceedings. The Court quashed the approval, addressing financial irregularities and embezzlement allegations against key management personnel. Compliance with Forward Market Commission directions led to legal actions and management changes. The Court deemed the special audit redundant, given existing assessments, and disposed of the petitions accordingly. en-us Mon, 01 Oct 2018 00:00:00 +0530 Mon, 08 Oct 2018 07:33:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=368410 The High Court held that the approval for a special audit under Section 142 (2A) of the Income Tax Act was unnecessary for the Public Limited Company, as transactions were covered in a previous audit report and ongoing assessment proceedings. The Court quashed the approval, addressing financial irregularities and embezzlement allegations against key management personnel. Compliance with Forward Market Commission directions led to legal actions and management changes. The Court deemed the special audit redundant, given existing assessments, and disposed of the petitions accordingly. Case-Laws Income Tax Mon, 01 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=368410