Quantum of activity defines threshold for branch audit exemption by reference to production, sales or branch expenditure. Rule 2 defines quantum of activity as the highest of: aggregate value of goods produced or processed; aggregate value of goods sold and services rendered; or the expenditure (revenue or capital) incurred by a branch in a financial year. It further defines relevant financial year as the company's financial year for which exemption is assessed, and specifies that 'section' means a section of the Companies Act, 1956.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Quantum of activity defines threshold for branch audit exemption by reference to production, sales or branch expenditure.
Rule 2 defines quantum of activity as the highest of: aggregate value of goods produced or processed; aggregate value of goods sold and services rendered; or the expenditure (revenue or capital) incurred by a branch in a financial year. It further defines relevant financial year as the company's financial year for which exemption is assessed, and specifies that "section" means a section of the Companies Act, 1956.
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