In Speculation trading there is no ‘sale’ or ‘turnover’ effected within the meaning of S. 44AB

IN THE ITAT PUNE BENCH ‘B’ Banwari Sitaram Pasari HUF Versus Assistant Commissioner of Income-tax IT Appeal No. 1489 (PUNE) of 2011 [Assessment year 2006-07] November 22, 2012 ORDER G.S. Pannu, Accountant Member  This appeal by the assessee is directed against the order of the Commissioner of Income-tax (Appeals)-II Nasik dated 23-9-2011 which, in turn, has arisen from order dated 29-6-2009 passed by the Assessing Officer, under section 271B of the Income-tax Act, 1961 (in short “the Act”), pertaining to the assessment year 2006-07. 2. The solitary is...