44ab and 44ae
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 October 2018
DEAR EXPERTS
TURNOVER OF THE ASSESEE IN TRADING BUSINESS IS RS 3CRORES AND HENCE LAIBLE FOR TAX AUDIT. ASSESSE PURCHASED ONE LORRY IN THE CURRENT YEAR. CAN THE ASSESEE OPT FOR 44AE FOR THE SINGLE LORRY OR BOOKS TO BE MAINTIANED FOR THAT LORRY.
TURNOVER OF THE ASSESEE IN TRADING BUSINESS IS RS 3CRORES AND HENCE LAIBLE FOR TAX AUDIT. ASSESSE PURCHASED ONE LORRY IN THE CURRENT YEAR. CAN THE ASSESEE OPT FOR 44AE FOR THE SINGLE LORRY OR BOOKS TO BE MAINTIANED FOR THAT LORRY.
22 October 2018
44AE can be opted. Inference :- ICAI Publication.
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22 October 2018
Agreed with the above reply.
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