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44AB

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Querist : Anonymous

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Querist : Anonymous (Querist)
22 July 2010 mr x is a trader , during the previous year his books of accounts reveals the following details purchase exceeds rs 40lakhs but gross sale is only 30lakhs . Sec 44AB attract or not ?
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CA Sanat Pyne

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CA Sanat Pyne (Expert)
22 July 2010 44AB STATES THAT GROSS RECEIPTS OR TURN OVER SHOULD EXCEEDS 40 LACS.
SO IN YOUR CASE 44AB DOES NOT ATTRACT.
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