1993 (9) TMI 19

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.... and legality of initiating proceedings by issuance of notice dated February 26, 1993, under section 142(2A) of the Income-tax Act, 1961 (hereinafter referred to as "the Act"),requiring the petitioner to get a special audit of its accounts conducted for the assessment year 1990-91. The challenge is on the ground that the accounts of the petitioner have already been audited being a limited company ....

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....reasons. On a perusal of those reasons, we are satisfied that the Assessing Officer was justified in forming the opinion that the accounts of the company require a special audit. The next argument raised was that under section 142(2C) of the Act, the period fixed by the Assessing Officer for the report under sub-section (1) was three months and this period could not be extended until and unless....