https://www.taxtmi.com/highlights?id=102828 Penalty immunity under the Direct Tax Vivad Se Vishwas Scheme does not extend to an independent penalty for failure to obtain a statutory tax audit merely because related quantum additions were settled. The penalty issue remains separately examinable. For futures and options transactions, tax-audit applicability depends on evidence establishing the transaction nature and turnover computation under the ICAI Guidance Note. Where the record does not show whether transactions were futures and options or delivery-based, the tax-audit requirement and consequential penalty require factual verification by the Assessing Officer after the taxpayer provides supporting particulars. en-us Wed, 19 Aug 2026 08:20:11 +0530 Wed, 19 Aug 2026 08:20:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=102828 Penalty immunity under the Direct Tax Vivad Se Vishwas Scheme does not extend to an independent penalty for failure to obtain a statutory tax audit merely because related quantum additions were settled. The penalty issue remains separately examinable. For futures and options transactions, tax-audit applicability depends on evidence establishing the transaction nature and turnover computation under the ICAI Guidance Note. Where the record does not show whether transactions were futures and options or delivery-based, the tax-audit requirement and consequential penalty require factual verification by the Assessing Officer after the taxpayer provides supporting particulars. Highlights Income Tax Wed, 19 Aug 2026 08:20:11 +0530 https://www.taxtmi.com/highlights?id=102828