IF THERE IS CONSTRUCTION BUSINESS & THERE NO SALES DURING THE YEAR. BUT STOCK OF CONSTRUCTION IS MORE THA 1 CR. THEN ASSESSEE IS REQUIRED TO GET BOOKS AUDITED U/S 44AB??
Dipjyoti Majumdar
(CA in service & CS. dipmaj@ rediffmail.com )
(3468 Points)
Replied 24 November 2014
No. But you need to explain to AO that increase in closing stock does not amount to turnover and the reason adopted by you. I hope there is no change in method of accounting and valuation of stock in this year compared to earlier years.
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