https://www.taxtmi.com/caselaws?id=170687 The appeal by the assessee against the CIT(A) order for the assessment year 2003-04 was allowed by the ITAT Mumbai. The Tribunal ruled in favor of the assessee on both grounds: the treatment of loss on F&O transactions as a business loss rather than a speculation loss, and the ad hoc disallowance of expenses on speculative share trading. The Tribunal held that derivative trading is distinct from share trading and that the disallowance of expenses was unwarranted. en-us Mon, 21 Jul 2008 00:00:00 +0530 Mon, 04 Jul 2016 15:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=170687 The appeal by the assessee against the CIT(A) order for the assessment year 2003-04 was allowed by the ITAT Mumbai. The Tribunal ruled in favor of the assessee on both grounds: the treatment of loss on F&O transactions as a business loss rather than a speculation loss, and the ad hoc disallowance of expenses on speculative share trading. The Tribunal held that derivative trading is distinct from share trading and that the disallowance of expenses was unwarranted. Case-Laws Income Tax Mon, 21 Jul 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=170687