TAX DEPT MUST ACCEPT COS' AUDITED ACCOUNTS: SC

The Supreme Court has said the Income-TaxDepartment has to accept the authenticity of the accounts maintained in accordance with the provisions of the Companies Act and certified by the auditors. The assessing officer cannot go beyond the net profit shown in the profit and loss account, except to examine whether the books of accounts were duly certified by the authorities and properly maintained, the court said. A bench comprising Justice S H Kapadia and Justice B S Reddy said: The AO (assessing

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CCI News Desk

Finance news reporter covering taxation, GST, income tax, business compliance, and economy updates. I simplify complex financial topics into easy-to-understand articles for professionals, taxpayers, and business owners on leading finance and tax platforms.

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