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2016 (3) TMI 1010 - AT - Income TaxPenalty u/s 271B - accounts of the assessee from speculative business were not audited u/s 44AB - whether the assessee's speculative transaction on NCDEX can be considered as actual transaction liable for provision of audit u/s 44AB read with Section 271B or they are mere speculative profit and transaction value and the entire notional transaction value cannot be treated as turnover of the assessee? - Held that:- ITAT Pune Bench in the case Banwari Sitaram Pasari HUF vs. ACIT [2013 (1) TMI 234 - ITAT PUNE] and Growmor Exports Ltd. vs. Asstt. Commissioner (2000 (6) TMI 774 - ITAT MUMBAI) have held that the notional value of such speculative transactions cannot be held as turnover as the assessee is eligible only to income or loss and delivery of the commodities is not exchanged. Thus find force in the contentions of the ld. AR of the assessee that ITAT Mumbai Bench in the case of Anahaita Nalin Shah Vs. DCIT [2014 (1) TMI 1582 - ITAT MUMBAI] has not considered these two published decisions in the cases of ITAT Pune Bench in the case Banwari Sitaram Pasari HUF vs. ACIT and Growmor Exports Ltd. vs. Asstt.Commissioner (supra). The contention of the ld. AR of the assessee is that when there are two views on same issue, the issue favorable to the assessee should be considered for which the ld. AR of the assessee relied on the decisions of CIT vs. Vegetable Products Ltd. [1973 (1) TMI 1 - SUPREME Court] and CIT vs. Vatika Township (P) Ltd. (2014 (9) TMI 576 - SUPREME COURT). - Decided in favour of assessee
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