09 January 2012
HEllo Friends ,i wanna ask that there is a construction & developers business..In his accounts only opening WIP and closing WIP seems only and booking deposits received ...but sale has not made ...den in that case TAX AUDIT is applicable ot not? Please give me proper guidance in this issue...as early as possinle
11 January 2012
Thabk u sir..so its like for advance payment tax audit audit is not require...but can u inform me 1 thing how u found answer of this query mwens via some act or section?..please mention it for my knowledge!!thanks a lot once again
11 January 2012
The Value of Work-in-Progress cannot be considered as turnover or gross receipt of the business and it is outside the purview of the meaning of Section 44AB.
CIT v. B.K. Jhala & Associates [1999] 69 ITD 141 (Pune). :- Value of work-in-progress in case of the assessee engaged in construction of shops / flats would not constitute ‘turnover’ within the meaning of section 44AB.
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