Tax audit on commodity transaction

Save Share

This query is : Resolved

Surendra (Querist)
Follow

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

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

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.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now