Sec. 44AB - For Intraday transactions

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Priyank N. Sanghavi

Priyank N. Sanghavi (Querist)
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30 September 2008 Whether one should recognize the Sec. 44AB limit for stock-market Intra-day transaction and how?

Priyank N. Sanghavi

Priyank N. Sanghavi (Querist)
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30 September 2008

CA V. Mohanakrishnan

CA V. Mohanakrishnan (Expert)
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30 September 2008 considering a trader in shares the same falls within the expression "Business" under sec 2(13) being engaged in the purchase and sale of shares which are marketable commodities and therefore goods. - CIT v/s Lallubhai Nagardas & Sons (1993) 114 CTR (Bom) 58.
Considering purchase and sale of shares, the sale would be treated as gross receipt separately irrespective of intra-day trade

Priyank N. Sanghavi

Priyank N. Sanghavi (Querist)
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03 October 2008 Plz. explain with illustration as i have heard that only difference of transaction is being considered as turnover for the purpose of Sec.44AB.

CA. O.P. Agarwalla

CA. O.P. Agarwalla (Expert)
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06 October 2008 I think that in intra - day transactions, no actual sale or purchase is made and accordingly transactions value can not be taken as turnover.

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