Applicability of audit provision u/s 44ab

This query is : Resolved

Mahesh Kakoo (Querist)
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19 August 2011 Dear Colleagues,

Can some one clarify whether in following case I.Tax Audit U/s 44AB is applicable.

90, 00,000/- Op. Stock

2,25,000/- Purchases

12,00,000 Purchases Return (out of Op. Stock) within permissible time limit

1,00,000/- Sales

79,35,000/- Entire Stock retained (taken) by one of the Partner, for which his capital a/c is debited at book value of stock and accordingly as on 31-03-11, the said Partner’s has –ve capital bal. of Rs. 50 Lac.

10000/- Gross Profit

2000/- Net Profit

Aditya Maheshwari

Aditya Maheshwari (Expert)
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19 August 2011 Since u will pas entry for sale in the books of accounts to debit the partners book tax audit would be applicable.

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