Turnover Calculation in Speculative Transactions: Sections 44AA & 44AB of Income Tax Act Examined, No Penalty Imposed.

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....Determination of turnover - scope of section 44AA and 44AB - failure to maintain books of accounts - failure to get accounts audited - speculative transactions on NCDEX/MCX commodity exchange - turnover of about 27 crores - net loss is about 3.60 lacs - the turnover has to be determined by taking the aggregate of both positive and negative differences arising from such speculative transactions and as an outcome of settlement of such contracts during the year which in the instant case comes to ₹ 3.60 lakhs. - No penalty - AT....