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F & o transactions

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(Querist)
16 July 2019 It is said that in case of F & O transactions, the turnover for Income tax purpose, in such types of transactions is to be determined as follows:

(1) The total of favourable and unfavourable differences shall be taken as turnover.
(2) Premium received on sale of options is also to be included in turnover.

My query is that is there anywhere written in the Act that the - "total of favourable and unfavourable differences shall be taken as turnover" or is it as per the guidance note issued by ICAI. If it is as per the guidance note, is it accepted by the Income tax Department?

Please suggest.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
16 July 2019 No where in IT act. Only in ICAI guidance note. I presume IT department will accept since in commission agent's case represented by me, It department ,at AC level ,
accepted the said guidance note.
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swasti

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swasti (Querist)
16 July 2019 Ok. Thanks a lot Sir for your valuable suggestion and time.
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