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Applicability of Sec 44AB on the basis of Inventory

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(Querist)
03 September 2009 The Company do not have turnover. It has inventory (opening and closing) exceeding Rs. 40 lakhs. Can Assessing Officer, levy penalty for not getting the accounts audited u/s 44AB
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Nischint Kumar Somani

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Nischint Kumar Somani (Expert)
03 September 2009 definition of gross receipt/turnover does not include inventory..hence there is no requirement to get accounts audited..
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CA Suresh Choudhary

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CA Suresh Choudhary (Expert)
03 September 2009 agree
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