30 September 2008
considering a trader in shares the same falls within the expression "Business" under sec 2(13) being engaged in the purchase and sale of shares which are marketable commodities and therefore goods. - CIT v/s Lallubhai Nagardas & Sons (1993) 114 CTR (Bom) 58. Considering purchase and sale of shares, the sale would be treated as gross receipt separately irrespective of intra-day trade
03 October 2008
Plz. explain with illustration as i have heard that only difference of transaction is being considered as turnover for the purpose of Sec.44AB.
06 October 2008
I think that in intra - day transactions, no actual sale or purchase is made and accordingly transactions value can not be taken as turnover.
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