Audits cannot be performed by Income Tax Practitioners as special aptitude training retained by Chartered Accountants only

T.D. Venkata Rao Vs. Union Of India (Supreme Court) The appeal in this case was filed by T.D. Venkata Rao (Appellant) challenging the validity of Section 44AB of the Income Tax Act, 1961 (IT Act). Section 44AB of the IT Act requires a person carrying business having total sales, turnover or gross receipts exceeding Rs. 40 lakhs or a person carrying profession if his gross receipts exceeding Rs. 10 lakhs in any previous year to get the accounts audited by an accountant. The explanation to the section provided for the definition of “Accountant” as the same mentioned in the explanation to Sec...