https://www.taxtmi.com/caselaws?id=301941 The Tribunal ruled in favor of the Assessee, holding that the treatment of Futures and Options Transactions as speculative transactions was valid. Transactions without physical delivery are considered speculative and do not contribute to turnover for audit purposes under u/s.44AB. Consequently, the penalty imposed by the Assessing Officer and confirmed by the Commissioner of Income Tax (Appeals) was revoked, and the appeal was allowed. en-us Tue, 25 Feb 2020 00:00:00 +0530 Wed, 27 Apr 2022 21:34:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=301941 The Tribunal ruled in favor of the Assessee, holding that the treatment of Futures and Options Transactions as speculative transactions was valid. Transactions without physical delivery are considered speculative and do not contribute to turnover for audit purposes under u/s.44AB. Consequently, the penalty imposed by the Assessing Officer and confirmed by the Commissioner of Income Tax (Appeals) was revoked, and the appeal was allowed. Case-Laws Income Tax Tue, 25 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=301941