Special audit justified only if AO forms opinion that same is in interest of revenue

Multi Commodity Exchange of India Vs DCIT (Bombay High Court) Facts – The assessee, a recognized National Commodity Exchange, provides platform for trading in Commodity futures contracts across segments including Bullion, Ferrous and Non Ferrous Metals, Energy and Agricultural Commodities. AO issued a notice asking why the assessee’s accounts for AY 2015-16 should not be sent for special audit as per provisions of section 142(2A). AO contended that the assessee had entered into multiple related party transactions and identification of related parties along with fair market value required d...