https://www.taxtmi.com/caselaws?id=213762 The Tribunal dismissed the revenue's appeal, upholding the CIT(A)'s decision to treat the loss on trading in futures and options as a business loss eligible for set off against business income. The Tribunal clarified that the explanation to section 73 of the Income-tax Act, 1961, regarding speculative transactions in shares did not extend to derivative transactions like futures and options. The decision was based on the distinction between shares and derivatives as well as the specific exclusion of derivatives from being speculative transactions since 2006 under section 43(5)(d). en-us Fri, 04 May 2012 00:00:00 +0530 Tue, 19 Apr 2016 14:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=213762 The Tribunal dismissed the revenue's appeal, upholding the CIT(A)'s decision to treat the loss on trading in futures and options as a business loss eligible for set off against business income. The Tribunal clarified that the explanation to section 73 of the Income-tax Act, 1961, regarding speculative transactions in shares did not extend to derivative transactions like futures and options. The decision was based on the distinction between shares and derivatives as well as the specific exclusion of derivatives from being speculative transactions since 2006 under section 43(5)(d). Case-Laws Income Tax Fri, 04 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=213762