Court Rules Against Retrospective Audits on Unregistered Entities; Emphasizes Timely Compliance with Audit Guidelines.

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Full Text of the Document

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....Jurisdiction to conduct audit - the petitioner's registration is cancelled, now he is an unregistered concern - On perusing Section 65, it is stated that the audit can be conducted to the said registered persons “for such period”, “for such frequency” and “in such manner”. When a Section provides for periodical audit, the respondent having failed to conduct audit for all these years, suddenly cannot wake up and conduct an audit. - HC....