14 August 2010
Dear Experts, While an assessee sells his land for more than 60 lakhs should we have to do tax audit u/s 44AB. In other words for the purpose of tax audit whether sales or revenue includes sale of land. Is there a circular clarificaton or explanation in the Act itself specifying what are considered to be sales or revenue. Pls. quote the section or case laws or circular nos. so that i shall say in this point with conviction. With regards, Rajesh.
14 August 2010
AGREE WITH PUNIT JI. there is no need to mention any case law as section as it is clearly mention in section 44AB Tax Audit is applicable if turnover of BUSINESS exceeds 60 Lacs & turnover does not include sale consideration of a capital asset...
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