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The attention of the Institute is drawn to the provisions of section 233B of the Companies Act, 1956, and the Cost Audit (Report) Rules, 1968, as amended from time to time. The duties of the cost accountants appointed to conduct an audit of cost accounts of the company flow directly from the above provisions and as such they should in strict compliance
Circular No. 354 – Income Tax The Madras High Court has, in the case of G.D. Narendra v. CED [1972] 85 ITR 647, held that relief under section 50 in respect of court fee paid, cannot be denied solely on the ground that the limitation under section 61 for rectification of estate duty assessment has expired
Circular No. 353 – Income Tax The Madras High Court has, in the case of G.D. Narendra v. CED [1972] 85 ITR 647, held that relief under section 50 in respect of court fee paid, cannot be denied solely on the ground that the limitation under section 61 for rectification of estate duty assessment has expired. Section 50 casts a statutory obligation upon the Controller to allow such relief and the time limit specified in section 61 has no application in such cases.
