Home Highlights January 2013 Year 2013 This

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1. Penalty u/s 271B - Determination of turnover of the assessee for Tax Audit u/s 44AB - turnover in respect of the speculative transactions shall be positive and negative...

2. 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...

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

4. Determination of turnover - scope of section 44AA and 44AB - failure to maintain books of accounts - failure to get accounts audited - speculative transactions on...

5. Addition made towards profit in money market operations - in this case the physical delivery has not taken place and therefore the transactions of sale and purchase of...

6. 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...

7. Determination of turnover for tax audit u/s 44AB - The A.O. in the assessment order has referred to share trading guidance note on tax audit under Section 44AB of the...

8. Levy of penalty u/s 271B - not getting books of account audited u/s 44AB - AO has given categorically finding that the assessee had made frequent transaction in both...

9. Penalty order u/s. 271B - tax audit report U/s. 44AB - Assessee has wrongly uploaded the Form 3CD by selecting the earlier AY 2016- 17 instead of selecting the AY...

10. Speculative or non speculative business - treatment of “high sea sale” - when the goods are not taken by the delivery the entire issue is treated as speculative...

11. Speculative transaction - Section 43 r.w.s. 73 - if the derivative transaction is in excess of export turnover, then that loss suffered in respect of that portion of...

12. Threshold Limit of tax audit under section 44AB and section 44AD – clarification - Circular

13. 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...

14. Penalty levied u/s 271B - tax audit report - In our view, strained relationship with the earlier CA would constitute reasonable cause. The tax authorities have pointed...

15. Treatment of Losses as Speculative Losses - adjustment of loss under arbitrage transactions - The loss of one segment has to be allowed to be set-off against the other...