Section 288 of the Income Tax Act
The decision most relied on for Section 288 is Swadeshi Cotton Mills Co. Ltd. v. CIT (171 ITR 634), cited in 99 of the 58 judgments on BharatTax that turn on this section.
Leading authorities on Section 288
The Assessing Officer's power to direct a special audit under Section 142(2A) requires an objective assessment of account complexity, not subjective satisfaction. Accounts are 'complex' only if they are genuinely difficult to understand, and the AO must first make a genuine attempt to comprehend them before ordering a special audit.
For the purpose of Section 80IA relief, the sale of power is not a criterion for granting relief. Captive consumption of power must be valued at market price, and classification of units as saleable or non-saleable is irrelevant for determining the Arm's Length Price (ALP).
The requirement to file an audit report in Form 10CCB before the due date for claiming deductions under Section 80-IB(11A) is directory, not mandatory. Therefore, a claim for deduction cannot be denied solely because the report was not uploaded on or before the due date for furnishing the audit report.
Judgments on Section 288
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