Tax audit on commodity transaction
This query is : Resolved
30 July 2012
DEAR SIR,
ONE OF MY CLIENT SALE OF COMMODITY TRANSACTION ON A PARTICULAR DATE AND THAT TRANSACTION HAS BEEN PURCHASED BY HIM IN SAME DATE.
SALE IS Rs. 20887250
PURCHASE IS Rs. 20592250
DIFFERENCE IS RS. 295000
IS HE IS LIABLE FOR TAX AUDIT. I THINK IT IS SPECULATIVE PROFIT. AM I RIGHT ?
PLEASE GUIDE ME.
THANKS
ONE OF MY CLIENT SALE OF COMMODITY TRANSACTION ON A PARTICULAR DATE AND THAT TRANSACTION HAS BEEN PURCHASED BY HIM IN SAME DATE.
SALE IS Rs. 20887250
PURCHASE IS Rs. 20592250
DIFFERENCE IS RS. 295000
IS HE IS LIABLE FOR TAX AUDIT. I THINK IT IS SPECULATIVE PROFIT. AM I RIGHT ?
PLEASE GUIDE ME.
THANKS
Amol S Joglekar
(Expert)
30 July 2012
It is speculative income. The position of tax audit is not clear. In case of FNO, we take absolute value but for commodity the circular is not clear.
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