In a recent review of assessment of Banks carried out by C&AG, it has been observed that white computing the income of banks under the head ‘Profit and Gains of Business & Profession’, deductions of large amounts under different sections are being allowed by the Assessing Officers without proper verification, leading to substantial loss of revenue. It is, therefore, necessary that assessments in the cases of banks are completed with due care and after proper verification. In particular, deductions under the provisions referred to below should be allowed only after a thorough examination of the claim on facts and on law as per the provisions of the I.T. Act., 1961

The present system of review of assessments by the Administrative Commissioner was introduced in 2002 subsequent to the restructuring of the Income tax Department. Under the existing system of Inspection also the Inspecting Officer was required to comment on selected assessment orders. As this was resulting in a duplication of the review function, it has been decided to do away with the requirement to give comments on selected assessment orders as part of the annual Inspections. It was also noticed that centralisation of review work with administrative Commissioners alone was resulting in inordinate workload with these officers, which was in turn affecting the quality of the Review reports. In view of these factors Board has decided to make a clear distinction between the objectives and the contents of the Annual Inspections and Reviews. It has also decided to lay down new guidelines for review of the assessment work of Officers having assessment jurisdiction

Not one to be cowed down when his representations met with Governmental apathy, Doctor filed a series of legal proceedings in Court, forcing the Central Bureau of Investigation out of its slumber. Forced to act, thanks to the vigilant supervision of the Court, the CBI filed a FIR dated 22.2.2007 against Ajay Kumar Singh and two others for offences punishable under sections 13(2) read with 13(1)(e) of the Prevention of Corruption Act, 1988 and Section 109 of the IPC. (Click here for the Court’s order)

The Institute of Chartered Accountants of India has issued Notification No. 1-CA(7)/116/ 2008 dated 25-9-2008 inter alia permitting CAs to enter into partnerships with non-CAs.

“reverse mortgage transaction” means a transaction in which the loan may be disbursed to the reverse mortgagor but does not include transaction of sale, or disposal, of the property for settlement of the loan;

The Comptroller and Auditor General of India conducts the audit of revenues from direct taxes of the Union Government under section 16 of the Comptroller and Auditor General of India (Duties, Powers and Conditions of Service) Act 1971.