F&O Turnover

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Querist : Anonymous

Querist : Anonymous (Querist)

20 June 2011 What is the correct basis for establishing turnover (for s. 44AB) in F&O contracts?

Are there any judicial or Tribunal pronouncements in this regard?

CA MANOJ GUPTA

CA MANOJ GUPTA (Expert)
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20 June 2011 there is icai opinion available
which says that profit or loss sHALL BE ADDED UP IGNORING SIGN AND IF TOTAL EXCEEDS 60LAKHS THEN TAX AUDIT IS NECESSARY

CA MANOJ GUPTA
JODHPUR
09828510543

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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20 June 2011 The issue had come up in the case of Babulal Enterprise v ACIT before the Mumbai bench of ITAT [IT Appeal No. 6031 (Mum.) of 1996, dated 12 February 1997]. It was held where the actual delivery was not taken and the difference in price was settled on the basis of contract note,the turnover cannot include the value of those transactions. Another decision of the Mumbai Tribunal expressing similar views was in the case of Growmore Exports v ACIT [78ITD 95]. Accordingly, the aggregate of both positive and negative differences is to be considered as turnover for determining liability to audit under Section 44AB.

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