https://www.taxtmi.com/caselaws?id=396543 The Tribunal ruled in favor of the assessee, deleting the penalty under Section 271B of the Income Tax Act for the assessment year 2010-11. The Tribunal held that turnover in speculative transactions should be calculated based on the sum of positive and negative differences, not the volume of transactions, in line with the ICAI Guidance Note. As the turnover did not exceed the threshold limit under Section 44AB, the penalty was overturned, emphasizing the importance of accurate turnover calculation and authoritative guidance in tax assessments involving speculative transactions. en-us Fri, 03 Jul 2020 00:00:00 +0530 Thu, 09 Jul 2020 19:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=396543 The Tribunal ruled in favor of the assessee, deleting the penalty under Section 271B of the Income Tax Act for the assessment year 2010-11. The Tribunal held that turnover in speculative transactions should be calculated based on the sum of positive and negative differences, not the volume of transactions, in line with the ICAI Guidance Note. As the turnover did not exceed the threshold limit under Section 44AB, the penalty was overturned, emphasizing the importance of accurate turnover calculation and authoritative guidance in tax assessments involving speculative transactions. Case-Laws Income Tax Fri, 03 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=396543