In the result, appeal of the assessee is allowed
Bench: Shri Challa Nagendra Prasad & Shri Avdhesh Kumar Mishraita No.1708/Del/2025, (A.Y.2022-23) Sahil Gupta, Dy. Commissioner Of Income D-304, Vivek Vihar, Tax, Central Circle 58(1), New Delhi- 110095 Vs. Ara Building, Jhandewalan, Pan: Aoipg4087K New Delhi (Appellant) (Respondent) Appellant By None Respondent By Sh. Manish Gupta, Sr. Dr Date Of Hearing 21/08/2025 Date Of Pronouncement 29/08/2025 Order Per Avdhesh Kumar Mishra, Am This Appeal Of The Assessee For The Assessment Year (‘Ay’) 2022-23 Is Directed Against The Order Dated 02.12.2024 Of The Ld. Commissioner Of Income Tax (Appeals), Nfac, New Delhi (‘Cit(A)’).
271A of the Act, by considering F & O turnover Rs.55,64,95,179/- as against Actual F & O turnover of Rs.29,28,652/- and Speculation turnover Rs.2,87,421/-. As per Section 44AB of the Income Tax Act specifies the conditions for a tax audit Section 44AB(a): If the total turnover from F&O trading exceeds Rs 10 crore