25 August 2009
A Registered Partnership Firm has a purchase of Rs. 70 lakhs during the financial year 2008 - 2009 which is held in stock as on 31/03/2009. There is no sales at all during the year.
Please advise whether this firm has to get Tax Audit done under Section 44AB for the Assessment Year 2009 - 2010?
25 August 2009
Tax audit is decided based on the sales/turnover/gross receipts. In the given case since there is no sales, tax audit is not applicable to the assessee.
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