Audit Reports

18 July 2014

Performance

Report No. 5 of 2014 - Performance Audit on Stressed Assets Stabilisation Fund SASF of Union Government, Ministry of Finance Department of Financial Services

The Trust assigned these special securities amounting to RS 9,000 crore to IDBI (or its successor IDBI Bank] and in return, acquired 636 NPA/ stressed loan assets with a net loan outstanding (NLO)2 of RS 9,004...............

Sector:

Finance

Chapter 3 - Inadmissible Exchange of Stressed Assets

_{(PDF 1.41 MB)}

12 Audit Report on Stressed Assets Stabilisation Fund Since there was a stay on sale of immovable property, ARCIL was trying to sell the movable property, reserve price of which was a paltry amount of 20.93 crore. Pro-rata share of the Trust was not available. 3.2.2 Shri Vishnupriya...............

Chapter 6 - Resolved Cases

_{(PDF 1.69 MB)}

The Official Liquidator (OL) of Madras High Court had sold (2009) movable and immovable assets of SIL for 230.42 crore out of which the dues of the Trust were 28.58 crore. The Trust received (February 2011) 23.19 crore while balance 5.39 crore is yet to be received from the official...............

Chapter 2 - SASF and Government

_{(PDF 0.86 MB)}

since clause 18(c) of the Trust Deed provided that IDBI shall meet the expenses of administering the Trust, it had been decided to direct the bank to return the amount to SASF. 10...............

Highlights

_{(PDF 1.65 MB)}

During audit it was noticed that obtaining of personal guarantees at the time of giving the loan became a meaningless exercise in the absence of the property and income details of the guarantors. Only 4.99 crore could be recovered by invoking PG. Thus, an important instrument of PG for...............

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18 July 2014

Performance

Report No. 9 of 2014 - Performance Audit on Duty Entitlement Pass Book Scheme Union Government, Department of Revenue - Revenue-Indirect Taxes,Customs

India's exports have picked up in the recent years which rose by 15 per cent (CAGR) against global export growth of 5 per cent, with our share in global exports moving up from around 0.5 per cent in 1992 to 1.4 per cent in 2013. However, imports...

Sector:

Taxes and Duties

Chapter 1 - Introduction

_{(PDF 0.4 MB)}

Report No. 9 of 2014 (Performance Audit) Duty Entitlement Pass Book (DEPB) Scheme Chapter I: Introduction 1.1 Background With a view to continuously increase India's global trade and to use trade expansion as an instrument of economic growth,...

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11 February 2014

Performance

Report No. 27 of 2013 - Performance Audit of Rajiv Gandhi Grameen Vidyutikaran Yojana of Union Government, Ministry of Power

Government of India, Ministry of Power (MOP) launched (March 2005) Rajiv Gandhi Grameen Vidyutikaran Yojana (RGGVY) to accelerate the pace of village electrification. MOP subsequently, merged all existing rural electricity programmes of Government...

Sector:

Power & Energy

Chapter 4 - Financial Management

_{(PDF 6.57 MB)}

funds), Uttar Haryana Bijli Vitran Nigam Limited (UHBVNL)-utlised ?1.30 crore for making interest payment to REC 40 An amount of? 1.83 crore was returned, as per Ministry of Power, after audit (July 2013). 41 Bangalore Electricity Supply Company Limited (BESCOM)- ?57.08 crore and Gulbarga...............

Chapter 3 - Planning

_{(PDF 7.81 MB)}

Chapter 3: Planning 3.1. Feasibility report Ministry of Finance (MOF) laid down a procedure5 for the formulation of central plan schemes which required preparation of a project feasibility report (FR) by the Administrative Ministry and thereafter, a ...

Chapter 5 - Formulation,Execution and Management of Projects

_{(PDF 14.68 MB)}

Chapter 5: Formulation, execution, and management of projects 5.1. Scope of Projects under RGGVY The proposal for approval of a project by the Monitoring Committee (MC) involved the following steps relating to DPR, which was to be : (i) formulated...

Chapter 1 - Rajiv Gandhi Grameen Vidyutikaran Yojana (RGGVY) - An Overview

_{(PDF 3.43 MB)}

Chapter 1: Rajiv Gandhi Grameen Vidyutikaran Yojana (RGGVY) - An Overview 1.1. Rural electrification Rural development and industrialization are considered fundamental for the economic growth of a country and electricity is seen as one of the agents ...

Chapter 6 - Monitoring and Evaluation

_{(PDF 6.14 MB)}

Chapter 6: Monitoring and evaluation 6.1. X Plan monitoring and evaluation The note to CCEA(February 2005), inter alia, specified that the scheme would be subject to concurrent evaluation and a view on modifications required for implementation...

Chapter 7 - Appraising outcomes

_{(PDF 7.02 MB)}

For instance, As per the REC guidelines on Franchisee Development, franchisees were to be given a return not exceeding 10 per cent. The bulk supply tariff fixed by SPU in Assam considered a return of 15 per cent after allowing 2 per cent of the tariff for meeting cost of maintenance of LT...............

Chapter 8 - Conclusion and Recommendations

_{(PDF 1.88 MB)}

Chapter 8: Conclusion and Recommendations 8.1. Conclusion The Electricity Act, 2003 has accorded renewed priority to rural electrification and provision of electricity services in order to provide access to electricity to all. The National...

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17 February 2014

Performance

Report No. 26 of 2013 - Performance Audit on Expansion and Utilization of Power Equipment Manufacturing Capacity in BHEL of Union Government, Ministry of Heavy Industries and Public Enterprises

Development of energy resources plays a vital role in the growth of an economy. An accelerated growth of power sector is imperative for the overall growth of the country. In order to accelerate economic growth of the country, Government of India...

Sector:

Power & Energy

Executive Summary

_{(PDF 4.1 MB)}

Executive Summary Introduction Development of energy resources plays a vital role in the growth of an economy. An accelerated growth of power sector is imperative for the overall growth of the country. In order to accelerate economic growth of the...

Chapter 4 - System of Award of Purchase Orders

_{(PDF 3.91 MB)}

CHAPTER-4 System of Award of Purchase Orders BHEL framed (October 1998) a purchase policy (Policy) laying down broad directions and guidelines to be followed by all its units as well as delegation of financial powers (for procurement of...

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13 August 2013

Performance

Report No. 9 of 2013 - Performance Audit of Levy and Collection of Services Tax on Import of Services of Union Government, Department of Revenue-Indirect Taxes, Services Tax

by remitter/certificate from Accountant on the lines of the prescription in Income Tax. There was no system of calling for an Annual Information Return from identified parties such as authorised dealers. Non-fulfilment of liability by export oriented units and associated enterprises indicated...............

Sector:

Taxes and Duties

Chapter 2 - Adequacy of existing Systems and Procedures

_{(PDF 10.95 MB)}

the revenues in a fair, equitable, transparent and efficient manner, ensuring control on cross border movement of goods, services, intellectual property etc. During the exit conference, DG (Audit) informed that despite efforts since November 2011 to collect data from 101 authorised dealers...............

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19 December 2014

Performance

Report No. 37 of 2014 - Performance Audit of Indira Awaas Yojana of Union Government, Ministry of Rural Development

Indira Awaas Yojana (IAY), a flagship scheme of the Ministry of Rural Development has been providing assistance to BPL families who are either houseless or having inadequate housing facilities, for constructing a safe and durable shelter. This...

Sector:

General Sector Ministries and Constitutional Bodies

Chapter 5 - Financial Management

_{(PDF 17.93 MB)}

Report No. 37 of 2014 ? Chapter 5: Financial Management 5.1 Funding and Cost- Sharing The IAY is funded on cost- sharing basis between the Government of India (Gol) and the state governments in the ratio of 75:25. However, in the case of...

Chapter 7 - Monitoring and Evaluation

_{(PDF 9.09 MB)}

Report No. 37 of 2014 Chapter 7: Monitoring and Evaluation ^_J 7.1 Monitoring and Evaluation Framework The IAY guidelines envisage a multipronged and extensive system of internal and external monitoring mechanisms at all levels. The monitoring...

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01 August 2014

Performance

Report No. 16 of 2014 - Performance Audit on Global Estate Management by Ministry of External Affairs

In the course of discharging its functions, the Ministry of External Affairs (MEA) is, inter alia, responsible for acquisition and maintenance of properties owned by the Government of India (Gol) in India and abroad. The MEA manages properties in...

Sector:

General Sector Ministries and Constitutional Bodies

Chapter 1 - Performance Audit of Global Estate Management

_{(PDF 12.97 MB)}

related to acquisition and management of owned properties is carried out by the Project Division, while management of leased buildings is with the Property Section of the MEA. The Projects Division was setup in February 2005 with a view to improve the Ministry's property management through...............

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28 November 2014

Performance

Report No. 20 of 2014 - Performance Audit on Allowance of Depreciation and Amortisation

Income Tax Act, 1961, (Act) lays down diverse provisions on depreciation and/or amortisation for tax purposes as deduction to an assessee/ a company in the course of its business with the intention for promoting economic growth within the Country....

Sector:

Taxes and Duties

Chapter 4 - Allowance of Amortization

_{(PDF 5.99 MB)}

In case of the Partnership firm, only the firm is entitled to claim depreciation on immovable assets brought by the Partners as their capital contribution. As regards ownership in case of finance lease, it has been judicially held14 that only the lessee can be treated as owner of the asset...............

Appendices

_{(PDF 2.24 MB)}

However assessee can exercise option before due date of filing of return u/s 139(1) to claim depreciation on Written Down Value Method at the rates provided in Appendix I. 43(6) (WDV) 'Written Down Value' means 1. In the case of assets acquired in the previous year, the actual cost to the...............

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18 February 2014

Performance

Report No. 32 of 2013 - Performance Audit of Employees' Provident Fund Organisation of Union Government (Civil), Autonomous Bodies, Ministry of Labour and Employment

The Government of India has enacted a number of legislations in the area of social security. Employees Provident Funds and Miscellaneous Provisions Act, 1952 is an important Act in this regard. The Act provides for compulsory provident fund, pension ...

Sector:

Social Welfare

Chapter-IV: Contribution and Recovery

_{(PDF 5.47 MB)}

8B, 8C and 8F of the Act empower the EPFO to issue Revenue Recovery Certificate (RRC) and recover the amount by attachment and sale of movable or immovable property of the establishment or the employer. Scrutiny of records in selected ROs/SROs in Chhattisgarh, Delhi, Madhya Pradesh,...............

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18 July 2014

Performance

Report No. 7 of 2014 - Performance Audit on Assessment of Firms Union Government, Department of Revenue - Direct Taxes

of proper machinery within the ITD to exercise necessary checks/controls in the area of potential misuse of the provisions of the Act. The returned income of the Firms1 2 has increased from RS 36,942 crore in Assessment Year (AY) 09 to RS 51,482 crore in AY 12. Firms pay income tax at...............

Sector:

Taxes and Duties

Chapter 5 - Internal Control

_{(PDF 3.75 MB)}

by the CCIT or CIT by general or special order, recover any arrears of tax due from an assessee by distraint and sale of his movable/immovable property in the manner laid down in the schedule. Further, Chapter 13 of the Manual of Office Procedure of the ITD specifies that when tax demands...............

Chapter 2 - Systemic Iuues of the Firms and their Partners

_{(PDF 5.38 MB)}

of the Partners, the ITD is not in a position to ascertain as to how many Firms exist in India and out of them, how many file their Income Tax Return (ITR) and discharge their tax liabilities. Firms also include Limited Liability Partnership (LLPs) and they are required to get registered...............

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