Scrap wood

Rabindra Kumar (CA Job) (26 Points)

11 October 2013  

A COMPANY HAD  SOLD SOME WOODEN SCRAP ( PACKING MATERIAL ETC ) TO A LOCAL SCRAP DEALER FOR SALE CONSIDERATION OF RS. 125000.00 . COMPANY HAS FAILED TO COLLECT TCS . COMPANY VEIW THAT WOODEN SCRAP (PACKING MATERIAL ) IS NOT UNDER PERVEIW OF TCS , WHETHER COMPANY IS CORRECT OR IF NOT HOW IT WILL AFFECT AUDIT REPORT ?