https://www.taxtmi.com/caselaws?id=301930 The Tribunal allowed the appeal in favor of the assessee, ruling that speculative transactions on the Multi Commodity Exchange without physical delivery should not be considered turnover for tax audit purposes. The penalty under section 271B was deleted as the transactions did not fall under the turnover ambit for tax audit, based on precedents and previous decisions by the Tribunal and High Court. en-us Wed, 10 Jul 2013 00:00:00 +0530 Wed, 27 Apr 2022 10:27:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=301930 The Tribunal allowed the appeal in favor of the assessee, ruling that speculative transactions on the Multi Commodity Exchange without physical delivery should not be considered turnover for tax audit purposes. The penalty under section 271B was deleted as the transactions did not fall under the turnover ambit for tax audit, based on precedents and previous decisions by the Tribunal and High Court. Case-Laws Income Tax Wed, 10 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=301930