Section 44AB: Turnover not include sales affected on behalf of principals

Devki Nandan Bindal Vs ITO (ITAT Delhi)

The Board has clarified that the turnover does not include the sales affected on behalf of the principals and only the gross commission has to be considered for the purposes of section 44AB where the agents act only as an agent of his constituent and never acts as a principal. In the instant case also, it is an admitted position that the assessee is only acting as a commission agent on behalf of the constituent. In view of such clarification, only the commission income is required to b

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