Penalty Proceedings

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Consultant
30 Points Posted on 05 January 2011

In a scrutiny proceedings, ITO treated trading in shares as business income which was returned by us as capital gains..

now, ITO wants to initiate penalty proceeding for  not doing tax audit...

Can ITO impose penalty for want of Tax Audit...?

Thanks in advance... 

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On 05 January 2011 at 15:44 Report
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glidor@gmail.com
21068 Points Posted on 05 January 2011

share the facts and grounds of disallowance of capital gains. 

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On 05 January 2011 at 16:33
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Management
325 Points Posted on 06 January 2011

He can, if the total volume of transactions exceed Rs.60 lakhs.

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On 06 January 2011 at 21:43

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