Tax audit not required as turnover didn’t exceed prescribed limit: business loss allowed

Nirmal Kumar Dugar Vs ITO (ITAT Jaipur) ITAT Jaipur held that denial to allow the business loss stating the requirement of books of accounts to be audited is not justifiable since turnover during relevant period didn’t exceed the prescribed limit for getting books of accounts audited. Facts- The assessee was engaged in shares and securities transactions, speculative in nature, of the value of Rs. 18,39,385/-in view of provisions of section 43(5) of the Income Tax Act, 1961, and further that the assessee had failed to establish business loss of Rs. 18,39,385/-from the transactions relating t...