Section 7   [ View Judgements ]

Insertion of new section 58A

After section 58 of the principal Regulation, the following section shall be inserted, namely :-

"58A. Special audit:- (1) If, at any stage of the proceeding under this Regulation, the Commissioner, having regard to the nature and complicity of the business of a dealer and the interest of the revenue, is of the opinion that it is necessary so to do, he may direct the dealer by notice in writing to get the records including books of account, examined and audited by an accountant or a panel of accountants nominated by the Commissioner in this behalf and to furnish a report of such examination and audit in the format that he may specify, duly signed and verified by such accountant or panel of accountants and setting forth such particulars as may be specified.

(2) The provision of sub - section (1) shall have effect notwithstanding that the accounts of the dealer have been audited under any other provision of this Regulation or any other law for the time being in force or otherwise.

(3) Every report under sub - section (1) shall be furnished by the dealer to the Commissioner within such period as may be specified by the Commissioner :

Provided that the Commissioner may, on an application made in this behalf by the dealer, for any good and sufficient reason, extend the said period by such further period or periods, as he thinks fit :

Provided further that the aggregate of the period originally fixed and the period or periods so extended shall not, in any case, exceed one hundred and eighty days from the date on which the direction under subsection (1) is received by the dealer.

(4) The expenses of, and incidental to, for the examination and audit of records under sub-

section (1) (including the remuneration of the accountant or a panel of accountants) shall be paid by the dealer as determined by the Commissioner and that determination shall be final, and default in such payment shall be recoverable from the dealer as tax in the manner provided for the recovery of arrears of tax under this Regulation

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