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Tax audit

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(Querist)
13 March 2014 A company was incorporated on 27/02/2013. It did not have any sales in the FY 2012-13. The PL is debited only with the write off of Preliminary expenses. Is it liable for tax audit us-44AB?
Would it make any difference if it had incurred expenses such as Purchase, salary etc in the said FY?
Please provide relevant case laws, if possible.
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
14 March 2014 No Tax Audit is not required. Since there is no turnover. Tax audit criteria is turnover, which is Rs 1 crore for business.
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