whether it is auditable u/s 44AB or not.

This query is : Resolved

bhavik mehta (Querist)
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04 November 2010 hello sir,

I have a query of whether it is auditable u/s 44AB or not.

In one of the case, a party is selling Fruits on commission basis, in which purchasing from many parties & selling onbehalf of them on commission basis.
But that party is receiveing cheque sometime from retail sale also in his name & then he just issue in the name of creditor( from whom he is purchaseing), after deducting his commission from that amt. && The Purchase bill clearly shows the amt of commssion of that party.

& books clearly shows same amt of commission's purchase = Commission Sales .

Sir, please kindly, help me out with proper explanation, is it liable to Audit or not in case where after adding commission's sales its may goes more than 5 crores. orelse just 10 to 12 lacs.

thanking You in Advance.

& happy Diwali & New year to all.

VANDANA

VANDANA (Expert)
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12 November 2010 as per my opinion, whatever his income by way of commission & if bill/cheque recd in the name this party...... he will eligible for audit if his total turnover of sales or gross receipts more than 60 lacs & in case of prof fees if its more than 15lac

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bhavik mehta

bhavik mehta (Querist)
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12 November 2010 I want still others view.....

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