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Turnover for the tax audit

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Replied 11 November 2011

The term ‘turnover’ would mean the total sales after

deducting therefrom goods returned, price adjustments, trade

discount and cancellation of bills for the period of audit, if any.


I think "Purchase" can't be considered here as turn over for this purpose. Please confirm any of your auditor or Faculty

Hardik Lakhani (-) (77 Points)
Replied 12 November 2011

 Vijay Maheshwari HUF...SLP rejected by SC- Purchase included in definition of turnover

Surendra Agarwal (MANAGER FINANCE AND BUSINESS PLANNIN)   (289 Points)
Replied 12 November 2011

All dear frnds please refer this case law for clarification. CIT V/S VIJAY MAHESWARI(HUF)(1997)228ITR(ST.)157 SC

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