ITAT allows treating Turnover of Intraday Equity transactions on Net basis

Anju Chamaria Vs ITO (ITAT Kolkata)

ITAT find that the AO imposed penalty for not getting the accounts audited as according to the AO turnover exceeds the threshold limit as prescribed u/s 44AB of the Act. We note that the assessee is doing non-delivery-based transactions and in such case the turnover has to be determined on the basis of the net of sales and purchase of shares. Further the default committed by the assessee is of technical nature and the AO was not handicapped for want of tax audit report while making assessment under appeal.Please become a Premium member. If you are already a Premium member, login here to access the full content.