https://www.taxtmi.com/caselaws?id=335762 The High Court denied the set-off of profits from trading in derivatives against losses from share trading, ruling that derivative trading did not fall under speculative transactions as per Section 43(5)(d) of the Income Tax Act. The court allowed aggregation of share trading losses and derivative profits before applying the Explanation to Section 73. The High Court found the Income Tax Appellate Tribunal's order lacking in proper application of law and reasoning, leading to the appeal's success. The court emphasized that income from trading in derivatives is business income and does not fall under Section 73. en-us Tue, 22 Nov 2016 00:00:00 +0530 Thu, 08 Dec 2016 18:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=335762 The High Court denied the set-off of profits from trading in derivatives against losses from share trading, ruling that derivative trading did not fall under speculative transactions as per Section 43(5)(d) of the Income Tax Act. The court allowed aggregation of share trading losses and derivative profits before applying the Explanation to Section 73. The High Court found the Income Tax Appellate Tribunal's order lacking in proper application of law and reasoning, leading to the appeal's success. The court emphasized that income from trading in derivatives is business income and does not fall under Section 73. Case-Laws Income Tax Tue, 22 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=335762