https://www.taxtmi.com/caselaws?id=68276 The Tribunal set aside the orders of the lower authorities, ruling in favor of the assessee. It directed the Assessing Officer (AO) to allow the claimed loss of Rs. 1,06,21,898 incurred in dealing with futures and options (derivatives) and the related expenses of Rs. 3,34,500. The Tribunal concluded that trading in derivatives is not speculative, as clarified by section 43(5)(d) of the Income Tax Act, which has retrospective effect. The appeal was allowed, overturning the disallowance of losses and expenses related to speculative transactions. en-us Thu, 31 Jul 2008 00:00:00 +0530 Sun, 10 Dec 2023 16:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68276 The Tribunal set aside the orders of the lower authorities, ruling in favor of the assessee. It directed the Assessing Officer (AO) to allow the claimed loss of Rs. 1,06,21,898 incurred in dealing with futures and options (derivatives) and the related expenses of Rs. 3,34,500. The Tribunal concluded that trading in derivatives is not speculative, as clarified by section 43(5)(d) of the Income Tax Act, which has retrospective effect. The appeal was allowed, overturning the disallowance of losses and expenses related to speculative transactions. Case-Laws Income Tax Thu, 31 Jul 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68276