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28. Amendment of section 142. |
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—In section 142 of the Income-tax Act, in sub-section (2C), in the proviso, for the words "on an application", the words "suo motu, or on an application" shall be substituted.
Clause 28 seeks to amend section 142 of the Income-tax Act, which relates to enquiry before assessment.
Sub-sections (2A) to (2D) of the said section deal with power of Assessing Officer to order special audit, where the nature and complexity of the accounts requires such audit, to seek the assistance of a chartered accountant.
Sub-section (2C) of the said section specifies the period within which the audit report is to be furnished. The proviso to the said sub-section provides that the Assessing Officer may extend the said period of furnishing of audit report, on an application made in this behalf, by the assessee and for any good and sufficient reason.
It is proposed to amend the said proviso so as to provide that the Assessing Officer may, suo motu, on an application made in this behalf by the assessee, and for any good and sufficient reason, extend the said period by such further period or periods as he thinks fit.
This amendment will take effect from 1st April, 2008.
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