https://www.taxtmi.com/caselaws?id=203175 The court held that exchange-traded derivative transactions in the assessment year 2003-04 are speculative transactions under Section 43(5) of the Income Tax Act. The losses incurred are treated as speculative losses, not business losses. The court determined that clause (d) added to Section 43(5) from 1/4/2006 applies prospectively and does not retroactively affect transactions from 2003-04. The Commissioner of Income Tax's appeal was allowed, with no costs awarded. en-us Mon, 18 Apr 2011 00:00:00 +0530 Mon, 27 Nov 2017 17:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=203175 The court held that exchange-traded derivative transactions in the assessment year 2003-04 are speculative transactions under Section 43(5) of the Income Tax Act. The losses incurred are treated as speculative losses, not business losses. The court determined that clause (d) added to Section 43(5) from 1/4/2006 applies prospectively and does not retroactively affect transactions from 2003-04. The Commissioner of Income Tax's appeal was allowed, with no costs awarded. Case-Laws Income Tax Mon, 18 Apr 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=203175