https://www.taxtmi.com/caselaws?id=242727 The Tribunal upheld the ld. CIT(A)'s decision to treat the loss on Future and Option (F & O) transactions as a business loss eligible for set off against business income. The Tribunal emphasized the genuine nature of the transactions, the actual settlement of losses, and the absence of speculative elements, rejecting the department's appeal. The assessee's evidence of transactions conducted through a recognized broker and complete payment for losses incurred supported the decision to allow the set off, despite the department's argument of notional losses due to incomplete settlement of certain transactions. en-us Wed, 17 Jul 2013 00:00:00 +0530 Sun, 19 Jan 2014 09:50:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=242727 The Tribunal upheld the ld. CIT(A)'s decision to treat the loss on Future and Option (F & O) transactions as a business loss eligible for set off against business income. The Tribunal emphasized the genuine nature of the transactions, the actual settlement of losses, and the absence of speculative elements, rejecting the department's appeal. The assessee's evidence of transactions conducted through a recognized broker and complete payment for losses incurred supported the decision to allow the set off, despite the department's argument of notional losses due to incomplete settlement of certain transactions. Case-Laws Income Tax Wed, 17 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=242727