https://www.taxtmi.com/caselaws?id=126796 "Turnover" under section 44AB of the Income-tax Act is to be understood in its commercial sense as sale proceeds, not the notional contract value of a difference-settled futures transaction. Where units were neither delivered nor transferred in property under the Sale of Goods Act, 1930, and the contract was settled only by payment of the difference, no actual sale proceeds arose from the assessee's trading activity. On that basis, the contract values could not be treated as turnover; the audit threshold was not crossed, and no liability arose for compulsory audit or penalty under section 271B. en-us Tue, 27 Jun 2000 00:00:00 +0530 Thu, 10 Jan 2013 18:01:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=126796 "Turnover" under section 44AB of the Income-tax Act is to be understood in its commercial sense as sale proceeds, not the notional contract value of a difference-settled futures transaction. Where units were neither delivered nor transferred in property under the Sale of Goods Act, 1930, and the contract was settled only by payment of the difference, no actual sale proceeds arose from the assessee's trading activity. On that basis, the contract values could not be treated as turnover; the audit threshold was not crossed, and no liability arose for compulsory audit or penalty under section 271B. Case-Laws Income Tax Tue, 27 Jun 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=126796