https://www.taxtmi.com/caselaws?id=219550 The Tribunal upheld the CIT (A)'s decision to allow setting off derivative losses against profits from delivery based transactions, deeming both as speculative transactions. Citing a Bombay High Court judgment, the Tribunal affirmed that the income was mainly from business activities, not capital gains, aligning with the Explanation to section 73 of the Income Tax Act. The Revenue's appeal was dismissed, and the Tribunal found no reason to deviate from the lower court's ruling, ultimately upholding the allowance of setting off derivative losses against profits from delivery based transactions. en-us Fri, 20 Jul 2012 00:00:00 +0530 Wed, 03 Oct 2012 10:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=219550 The Tribunal upheld the CIT (A)'s decision to allow setting off derivative losses against profits from delivery based transactions, deeming both as speculative transactions. Citing a Bombay High Court judgment, the Tribunal affirmed that the income was mainly from business activities, not capital gains, aligning with the Explanation to section 73 of the Income Tax Act. The Revenue's appeal was dismissed, and the Tribunal found no reason to deviate from the lower court's ruling, ultimately upholding the allowance of setting off derivative losses against profits from delivery based transactions. Case-Laws Income Tax Fri, 20 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=219550