Certification of deductions claimed under section 54, 54F, 54EC etc
a) At present deductions u/s 54, 54F, 54EC etc. are not subject to any audit or certification. The possibility that the assessee claims inaccurate amount of deduction under such provisions cannot be ruled out. In order to reduce such possibility of furnishing of inaccurate particulars by the assessee and further to reduce the burden of the Department in scrutinising such claims made by the assessee in his return, it is suggested that such provisions may be amended to require the assessee to obtain a certificate from an Accountant certifying the accuracy of the claim. Further, a ceiling may be created for deductions u/s 54, 54F, 54EC etc. that deduction amount in excess of Rs. 30 lakhs in aggregate may be certified by a Chartered Accountant.
It is suggested that the assessee claiming deduction exceeding a specified amount under the provisions of section 54, 54F, 54EC etc may be required to obtain a certificate from a Chartered Accountant certifying the accuracy of the claim.
Source- Pre-Budget Memorandum 2014 on direct taxes by Institute of Chartered Accountants of India