Audit for commodites
This query is : Resolved
15 August 2012
MY CLIENT HAS SINGLE TRANSACTION FOR COMMODITIES SALES & PURCHASE IN (F.Y.2011-12)MORE THAN 1 CAROR.IS THERE LIABILITY FOR AUDIT U/S 44B ?
15 August 2012
If the commodities held as stock-in-trade then the transaction is business transaction in such case Section 44AB apply. Otherwise if the commodities held as investments then it is capital transaction and the gain/loss is capital gain/loss in such case section 44AB not apply.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
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