Selection of cases for audit u/s 142(2A) of the Income-tax Act, 1961.

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....of the Income-tax Act, 1961. 2. As regards companies, only those cases are to be referred for special audit where: (i) There are reports of misfeasance, gross neglect or breach of duty on the part of the principal officer or director in relation to the affairs of the company; or (ii) the company's affairs have been the subject of a search or seizure under the Income-tax Act or been the su....

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.... (iii) Business/Industries notified to the Commissioners by the Board at the beginning of every financial year keeping in view: (a) possibilities of earning on-money due to scarcity (b) reaping of high profit margins due to the circumstances prevalent in the relevant accounting year, and (c) any other circumstances which the Board might consider as adequate for selection of such cases. ....