The difference in non-delivery derivative Transactions be taken for determining Turnover for Tax Audit u/s 44AB of IT Act: ITAT deletes Penalty u/s 271B

By Fathima Karama A.M - On June 10, 2023 7:00 am - 2 mins read

The difference in non-delivery derivative Transactions be taken for determining Turnover - non-delivery derivative Transactions - Transactions - Turnover - Tax Audit - IT Act - ITAT deletes Penalty - ITAT - Penalty - Taxscan

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has deleted the penalty under Section 271B of the Income Tax Act, 1961 holding that the difference in non-delivery derivative transactions should be taken for determining turnover for the purpose of tax audit under Section 44AB of the Income Tax Act. The assessee Parag Jain who…

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