Regulation 3 - Determination of turnover or income for enterprise for the purposes of Section 27 of the Act - CCI (Determination Of Turnover Or Income) Regulations, 2024

3. Determination of turnover or income for enterprise for the purposes of Section 27 of the Act (1) Turnover or income, as the case may be, includes value of sales (or revenue or receipts, by whatever name called), and other operating revenue, as per the audited financial statements maintained by such enterprise. Explanation: For the purpose of this regulation, other income, indirect taxes, trade discounts and intragroup sales, if any, shall not be taken into account. (2) In case an enterprise is required to prepare a consolidated financial statement under Section 129 of the Companies Act, 2013 or under any law, turnover or income shall be based on such audited consolidated financial statements. (3) In case audited financial statements are not available, turnover or income, shall be the amount certified by the statutory auditor of the enterprise, or a Chartered Accountant, and supported by an affidavit by any person duly authorised by the enterprise in this regard. (4) Turnover or income, if not maintained in Indian Rupees, shall be converted into Indian Rupees based on, the average of the foreign currency reference rates as published by the Reserve Bank of India, for each of the relevant financial year as certified by a Chartered Accountant and supported by an affidavit by any person duly authorised by the enterprise in this regard.