No penalty for non-getting account audited under bona fide belief based on ICAI Guidance Note on tax audit

Sachin Marotrao Rangari Vs ACIT (ITAT Rajkot) The assessee vide its reply letter dated 08.12.2018 brought to the attention of the A.O., CBDT Circular No. 6/2016 which clarified the tax payers to choose whether the gains or losses from sale of listed shares/securities either should be treated as Business Income or Capital Gains. Further the assessee is of the bonafide belief that the net result in the trading of shares, cash and commodity shall be considered as “turnover” as per the Guidance Note issued by the Institute of Chartered Accountants of India (ICAI). Thus the total turnover from ...