https://www.taxtmi.com/caselaws?id=795079 For futures and options transactions, turnover for tax-audit purposes is computed from favourable and unfavourable differences, option premium received, and differences on reverse trades, treating each purchase-and-sale transaction independently. Aggregating the full value of transactions as turnover is inconsistent with this method. Where turnover calculated under the applicable method remains below the prescribed tax-audit threshold, failure to obtain a tax audit does not attract penalty under Section 271B. The notes state that the penalty was directed to be deleted. en-us Mon, 13 Jul 2026 00:00:00 +0530 Thu, 16 Jul 2026 09:07:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=795079 For futures and options transactions, turnover for tax-audit purposes is computed from favourable and unfavourable differences, option premium received, and differences on reverse trades, treating each purchase-and-sale transaction independently. Aggregating the full value of transactions as turnover is inconsistent with this method. Where turnover calculated under the applicable method remains below the prescribed tax-audit threshold, failure to obtain a tax audit does not attract penalty under Section 271B. The notes state that the penalty was directed to be deleted. Case-Laws Income Tax Mon, 13 Jul 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=795079