Hello everyone
My question is - As per the IT Act, we need to adopt FIFO for shares transcated through demat a/c route. Now I have a case wherein the assessee is subjected to Tax Audit due to his routine business turnover. He had done transactions in shares for which sales consideration amounts to Rs.47 lacs. However, the shares were sold by him before the shares were actually delivered to his demat a/c i.e. shares were sold when they were in pool a/c of his dp. Now should it be considered as actual delivery taken or considered as speculation business income? Plz advise me on same As Soon As Possible.
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