24 April 2008
IN SEC. 44AB UNDER SUB SEC.(a) IT IS STATED THAT EVERY PERSON CARRYING ON BUSINESS SHALL, IF HIS TOTAL SALES,TURNOVER OR GROSS RECEIPTS ......EXCEED RS. FORTY LAKHS IN THE PREVIOUS YEAR.....GET HIS ACCOUNTS OF SUCH PREVIOUS YEAR AUDITED BY AN ACCOUNTANT.... THEREFORE IT IS CLEAR THAT SALES OR TURNOVER IS THE CRITERION FOR TAX AUDIT BUT NOT PURCHASES. NO NEED FOR CASE LAW WHERE THE SECTION OR SUBSECTION EXPRESSLY STATE THE REQUIREMENT UNDER LAW. R.V.RAO
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