Consignment Sale will include in turnover or not

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CA. Naveen Jain (Querist)
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12 September 2010 A firm has consignment sale of Rs. 15 Lacs against form F and received the commission for that from consignor. his other turnover is of Rs. 27 Lacs.

Pls tell will the consignment sale will include in turnover for tax audit purpose as the firm has shown that consignment sale in his VAT return also.

Pls guide

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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12 September 2010 The turnover of consignment sales need not be included in the turnover of Mr. A for the purpose of tax audit under section 44AB of the Income tax Act,1961. Identical issue is dealt in ICAI publication viz., Issues on Tax Audit (page 12).

CA. Naveen Jain

CA. Naveen Jain (Querist)
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12 September 2010 but sir the firm has shown that sale in his vat return as the sale then how will the sale justify

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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12 September 2010 No problem. Same issue can be seen in the citation.

CA. Naveen Jain

CA. Naveen Jain (Querist)
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12 September 2010 Dear Sir, Pls tell in which month & year ICAI publication, this issue is taken

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