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.
CAclubindia
