F&O Turnover to be Computed as per ICAI Guidance, Not AO’s Method

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 transactions of ₹55.6...