Determination of turnover - scope of section 44AA and 44AB - ...

Income Tax

March 4, 2020

Determination of turnover - scope of section 44AA and 44AB - failure to maintain books of accounts - failure to get accounts audited - speculative transactions on NCDEX/MCX commodity exchange - turnover of about 27 crores - net loss is about 3.60 lacs - the turnover has to be determined by taking the aggregate of both positive and negative differences arising from such speculative transactions and as an outcome of settlement of such contracts during the year which in the instant case comes to ₹ 3.60 lakhs. - No penalty - AT

View Source

← Previous Next →

Determination of turnover - scope of section 44AA and 44AB - ...

Income Tax

March 4, 2020

You may also like:

Penalty u/s 271B - Tax audit - failure to get books of accounts audited u/s 44AB - assessee did not maintain books of account u/s 44AA - Neither section 44AA and 44AB...

Penalty u/s 271A - non maintenance of books of accounts - not furnishing tax audit report u/s 44AB - The commission being turnover/receipt for the purposes of 44AA and...

Penalty u/s 271B - failure to get the books of accounts audited u/s 44AB - addition made during the assessment proceedings on the basis of unaccounted sale cannot be...

Penalty levied u/s 271B - failure to get accounts audited u/s 44AB - books of account and other relevant documents were destroyed by natural calamity, i.e. flood - No penalty

Penalty u/s 271B - violation of provisions of section 44AB - When assessee did not maintain regular books of accounts, then the question of getting the books of account...

Penalty u/s 271A - failure to maintain the books of accounts u/s 44AA - when the very basis of levying the penalty by the ACIT is contrary to the assessment framed by...

Levy of penalty u/s 271B - failure to get accounts audited in terms of provisions of section 44AB - Determination of turnover in the context of a share broker's income -...

Penalty proceedings u/s 271B - requirement of getting tax audit u/s 44AB - Determination of turnover - non-delivery based trading of shares and securities - in such case...

Computation of their Turnover for the purpose of tax audit u/s 44AB - Speculation Business or Derivatives, futures, and options or Delivery based transactions

Long Term Capital Gains - claim of conversion of agriculture land into stock-in-trade - The assessee was required to disclose such lands as stock in trade in books of...

Quick Updates: