https://www.taxtmi.com/acts?id=48712 Clause 268 empowers the Assessing Officer to require returns, production of accounts and prescribed information including a statement of all assets and liabilities, subject to prior Joint Commissioner approval for assets outside accounts and a three year limit on account production. The Officer may make inquiries and, where justified by complexity, volume, doubt or specialised business activity and with prior senior-commissioner approval and a hearing, direct an assessee to obtain an audit by a nominated accountant and/or an inventory valuation by a nominated cost accountant, furnish prescribed reports within a specified period (extendable but capped) and be given an opportunity to be heard before such material is used for assessment. en-us Fri, 14 Feb 2025 10:53:26 +0530 Thu, 20 Feb 2025 13:11:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=48712 Clause 268 empowers the Assessing Officer to require returns, production of accounts and prescribed information including a statement of all assets and liabilities, subject to prior Joint Commissioner approval for assets outside accounts and a three year limit on account production. The Officer may make inquiries and, where justified by complexity, volume, doubt or specialised business activity and with prior senior-commissioner approval and a hearing, direct an assessee to obtain an audit by a nominated accountant and/or an inventory valuation by a nominated cost accountant, furnish prescribed reports within a specified period (extendable but capped) and be given an opportunity to be heard before such material is used for assessment. Act-Rules Bills Fri, 14 Feb 2025 10:53:26 +0530 https://www.taxtmi.com/acts?id=48712