2026 (7) TMI 965

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.... Rajgopal Parthasarathi - Sr. DR ORDER UNDER SECTION 254(1) OF INCOME TAX ACT PER PAWAN SINGH, JUDICIAL MEMBER: 1. This appeal by the assessee is directed against the order of ld. Commissioner of Income Tax (Appeals) / National Faceless Appeal Centre [for short "ld.CIT(A)"] dated 29.01.2026 for the assessment year 2023-24. The assessee has raised following grounds of appeal. "1. ....

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..../-. The assessee is engaged in trading of Futures and Options and AO determined turnover from all transaction and levied penalty. The Mumbai Tribunal in the case of Sanjay Maraotra Modak Vs. DCIT [2023] 147 taxmann.com 221 (Mumbai - Trib.) held that in case of trading in Futures & Options, the Institute of Chartered Accountants of India (ICAI) has prescribed that turnover in such transactions shou....

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....rted the orders of the lower authorities. 4. We have considered the rival submissions of both the parties and have gone through the orders of the lower authorities carefully. We find that, the AO levied penalty of Rs. 1,50,000/- vide order dated 25.08.2025 by holding that the assessee was having turnover of Rs. 2,17,69,46,883/-. The AO levied minimum penalty prescribed under section 271B. The a....