https://www.taxtmi.com/caselaws?id=260359 The Tribunal upheld the CIT(A)'s decision, dismissing the department's appeal and the assessee's cross-objection. It confirmed that the loss from derivative trading was not speculative and should be set off against other business profits. The Tribunal noted the lack of evidence to prove the speculative nature of commodity trading profit, supporting the CIT(A)'s directive to allow the set-off of derivative trading losses against other business profits. Both the department's appeal and the assessee's cross-objection were dismissed. en-us Wed, 27 May 2015 00:00:00 +0530 Tue, 09 Jun 2015 17:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=260359 The Tribunal upheld the CIT(A)'s decision, dismissing the department's appeal and the assessee's cross-objection. It confirmed that the loss from derivative trading was not speculative and should be set off against other business profits. The Tribunal noted the lack of evidence to prove the speculative nature of commodity trading profit, supporting the CIT(A)'s directive to allow the set-off of derivative trading losses against other business profits. Both the department's appeal and the assessee's cross-objection were dismissed. Case-Laws Income Tax Wed, 27 May 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=260359