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ITAT allowed the taxpayer's appeal, holding that losses from futures and options trading, classified as non-speculative business losses, are admissible for set-off against capital gains and other income under s.71(2). The taxpayer had filed a timely return claiming set-off of F&O business losses against capital gains arising from sale of land and building; the claim was made in the original return. The Tribunal set aside the assessment and remanded the matter to the AO for verification of the particulars furnished by the taxpayer and directed the AO to give effect to the set-off as claimed if verified. Appeal allowed for statistical purposes.
ITAT allowed the taxpayer's appeal, holding that losses from futures and options trading, classified as non-speculative business losses, are admissible for set-off against capital gains and other income under s.71(2). The taxpayer had filed a timely return claiming set-off of F&O business losses against capital gains arising from sale of land and building; the claim was made in the original return. The Tribunal set aside the assessment and remanded the matter to the AO for verification of the particulars furnished by the taxpayer and directed the AO to give effect to the set-off as claimed if verified. Appeal allowed for statistical purposes.
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