Computation of Turnover in case of business of accommodation entries and applicability of Tax Audit

Shri Mukesh Choksi Vs ACIT (ITAT Mumbai) It was submitted that the case of the assessee was akin to the share brokers and therefore only the commission should be considered as receipts of the assessee and not the purchase/ sale value of shares. In our view the claim had been rightly rejected by the CIT(A). A share broker only facilitates the share transaction of the clients through the stock exchanges and the payment/ receipts for purchase/ sale of shares are made through the stock exchanges. In case of the assessee he had himself received the money through the concerns in his control and in e...