F&O Turnover
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 June 2011
What is the correct basis for establishing turnover (for s. 44AB) in F&O contracts?
Are there any judicial or Tribunal pronouncements in this regard?
Are there any judicial or Tribunal pronouncements in this regard?
20 June 2011
there is icai opinion available
which says that profit or loss sHALL BE ADDED UP IGNORING SIGN AND IF TOTAL EXCEEDS 60LAKHS THEN TAX AUDIT IS NECESSARY
CA MANOJ GUPTA
JODHPUR
09828510543
which says that profit or loss sHALL BE ADDED UP IGNORING SIGN AND IF TOTAL EXCEEDS 60LAKHS THEN TAX AUDIT IS NECESSARY
CA MANOJ GUPTA
JODHPUR
09828510543
20 June 2011
The issue had come up in the case of Babulal Enterprise v ACIT before the Mumbai bench of ITAT [IT Appeal No. 6031 (Mum.) of 1996, dated 12 February 1997]. It was held where the actual delivery was not taken and the difference in price was settled on the basis of contract note,the turnover cannot include the value of those transactions. Another decision of the Mumbai Tribunal expressing similar views was in the case of Growmore Exports v ACIT [78ITD 95]. Accordingly, the aggregate of both positive and negative differences is to be considered as turnover for determining liability to audit under Section 44AB.
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