three grounds.
Two of which were raised by the Audit Department and
for which audit objections had been raised and had
been replied ... audit memo. The reasons to believe
reproduce the audit memo . First two reasons to
believe are based on the audit objections.
18. With regard
available to the petitioner. The petitioner was not
aware of the audit objections. Audit objections cannot be
a ground to reopen assessments as held
Advisor (Planning) HMRTC on behalf of the respondents, objecting to the audit
report. The substance of the objection was that the audit report ... audit is “incomplete and inconclusive”.
25 HMRTC tabulated its objections to the audit report in the course of the
affidavit before the High Court. HMRTC
asserted by the successor Assessing Officer in the
reply to the audit objections. We have also noted the assertions made by
the petitioner in their
assessment
proceedings have been initiated on the basis of audit objections that
"non-inclusion of this amount i.e. Rs.173 lacs ... audit objection on a point/opinion of law does not constitute
"information" for reopening. It is submitted by the assessee that the
object
accordingly
capitalized. This capitalization of interest became subject matter of
audit objections by the Chief Vigilance Commission (CVC, for short)
and Comptroller and Auditor General ... declared was as
per the statutory audit report and the interest paid had been
capitalized. Subsequently, audit objections that excessive interest
had been capitalized, were
Constitution and the Act and includes
performance audit or any other type of audit. Under Regulation 4,
objectives of the audit have been defined ... efficiently
and effectively (performance audit)."
22. Thus the audit can be financial, compliance audit and
performance audit. Financial audit is normally undertaken
works were carried out by two or three
Gwalior firms. As per audit report it seems that bills were
obtained first from the firms ... Agency M/s. Millennium Security
Service, Jaipur. Further, without settling the audit objections for
this overpayment, SE, AIR, Alwar released the withheld amount
that the reassessment
proceedings have been initiated in view of the audit objections. It was a
W.P. (C) 7452/2010 Page ... carrying on another
activity and was not printing books. The audit objections in the present
case reflects and indicates that the auditors were
issued for referring the accounts for special audit and the petitioner
was asked to respond. The petitioner objected by their letter dated 8 th
March ... disjunct and these were the essential
pre-requisites. The object being the special audit should be directed, if it
assists and succours, the Assessing Officer
