https://www.taxtmi.com/caselaws?id=383521 The Tribunal upheld the CIT(A)'s decision to classify the derivative trading loss as a business loss rather than a speculative loss. The Tribunal relied on the amendment introduced by the Finance Act, 2005, which excluded eligible derivative transactions from being deemed speculative if conducted through a recognized stock exchange. The Tribunal dismissed the Revenue's argument that the Explanation to section 73 of the Income Tax Act should override this classification, emphasizing that prior decisions were not applicable post-amendment. The Tribunal affirmed that losses from derivative trading should be treated as business losses, allowing set-off against other business income. en-us Mon, 22 Jul 2019 00:00:00 +0530 Wed, 24 Jul 2019 12:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=383521 The Tribunal upheld the CIT(A)'s decision to classify the derivative trading loss as a business loss rather than a speculative loss. The Tribunal relied on the amendment introduced by the Finance Act, 2005, which excluded eligible derivative transactions from being deemed speculative if conducted through a recognized stock exchange. The Tribunal dismissed the Revenue's argument that the Explanation to section 73 of the Income Tax Act should override this classification, emphasizing that prior decisions were not applicable post-amendment. The Tribunal affirmed that losses from derivative trading should be treated as business losses, allowing set-off against other business income. Case-Laws Income Tax Mon, 22 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=383521