ICAI guidance for calculating turnover in case of derivatives is valid

Sanjay Marotrao Modak Vs DCIT (ITAT Mumbai) It is observed that the assessee has shown STCL of Rs.3,74,357/-, from trading in future and option, which transacts from business of trading in shares and derivatives. The A.O. has determined the total turnover from the said transaction as Rs.30,94,12,449/-, which according to the A.O. was beyond the limit prescribed in section 44AB of the Act which stipulates turnover above Rs.1,00,00,000/- for the impugned year (now enhanced to Rs.2,00,00,000/- applicable from A.Y. 2021-22). It is pertinent to analyze the nature of transaction involving shares and...