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Income of stamp vendor

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DEEPAK SETIA

DEEPAK SETIA (Querist)
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01 September 2012 a stamp vendor has a sale of 66 lacs. his income is only 2% of sale. whether he has to audit or simply file a return without audit

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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01 September 2012 As per Kerala High court decision in Kerala Stamp Vendors Association Vs. AG ,
reported in (2006) 282 ITR 7 ,sale value may be considered as their turnover
since they get 'discount' and not 'commission', meaning thereby ,in the given
case, tax audit applies.

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gbalakrishnan

gbalakrishnan (Expert)
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01 September 2012 right view of warrier

Message likes : 2 times

DEEPAK SETIA

DEEPAK SETIA (Querist)
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02 September 2012 Thanks Sir,

Deepak

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