Penalty u/s 271B - accounts of the assessee from speculative ...

Section 271B Penalty: Speculative Business Not Audited; No Penalty Due to Ambiguous Law on Turnover Definition.

March 30, 2016

Case Laws Income Tax AT

Penalty u/s 271B - accounts of the assessee from speculative business were not audited u/s 44AB - 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. - Further when two views are available no penalty can be imposed - AT

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Penalty u/s 271B - accounts of the assessee from speculative ...

Section 271B Penalty: Speculative Business Not Audited; No Penalty Due to Ambiguous Law on Turnover Definition.

March 30, 2016

Case Laws Income Tax AT

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