Applicability of Sec 44AB on the basis of Inventory
This query is : Resolved
03 September 2009
The Company do not have turnover. It has inventory (opening and closing) exceeding Rs. 40 lakhs. Can Assessing Officer, levy penalty for not getting the accounts audited u/s 44AB
03 September 2009
definition of gross receipt/turnover does not include inventory..hence there is no requirement to get accounts audited..
03 September 2009
agree
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