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F&O Turnover to be Computed as per ICAI Guidance, Not AO’s Method
Case Law Details
- Case Name
- Sahil Gupta Vs DCIT (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2022-23
- Courts
- All ITAT, ITAT Delhi
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Sahil Gupta Vs DCIT (ITAT Delhi)
ITAT Delhi Deletes Penalty u/s 271A – F&O Turnover to be Computed as per ICAI Guidance, Not AO’s Method
ITAT Delhi Deletes Penalty u/s 271A – F&O Turnover to be Computed as per ICAI Guidance, Not AO’s Method Delhi Tribunal deleted penalty of ₹25,000 levied u/s 271A for alleged failure to maintain books of account in respect of F&O trading.
Assessee, engaged in trading of derivatives & speculation, filed return declaring income of ₹4.92 lakh. AO, however, computed income at ₹30.31 lakh treating entire F&O transa...
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