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Audit provisions

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(Querist)
19 July 2011 Our client who is a firm has produced a film. for the year ended the assessee incurred total expenses of around 2 crores Rs however there is no revenue during the same as the work of production is still under process. is the assessee liable to audit u/s 44AB or under any other section.
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CA Sachin D Jain

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CA Sachin D Jain (Expert)
20 July 2011 Dear Silvi,

As per "Guidance note on Tax Audit" issued by ICAI, Turnover means "The aggregate amount for which sales are effected or
services rendered by an enterprise." and "Total turnover, that is, the aggregate amount for which sales are effected by the company, giving the amount of sales in respect of each class of goods dealt with by the company and indicating the quantities of such sales for each class separately." Hence, in your case, tax audit will not be applicable as there is no revenue.
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