https://www.taxtmi.com/caselaws?id=395403 Eligible commodity derivative transactions carried out on a recognised association are outside the scope of speculative transactions under the Income-tax Act. Where trading through the NSEL platform was conducted in the ordinary course of business through authorised brokers, and similar receipts had been accepted as business income in earlier years, the irrecoverable amounts advanced for such trades were treated as business loss rather than speculative loss. The loss arose from trade advances becoming unrecoverable after suspension of operations, and the write-off principle for irrecoverable debts supported deductibility. The assessee's claim was accepted and the disallowance was deleted. en-us Wed, 11 Mar 2020 00:00:00 +0530 Tue, 19 May 2020 12:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395403 Eligible commodity derivative transactions carried out on a recognised association are outside the scope of speculative transactions under the Income-tax Act. Where trading through the NSEL platform was conducted in the ordinary course of business through authorised brokers, and similar receipts had been accepted as business income in earlier years, the irrecoverable amounts advanced for such trades were treated as business loss rather than speculative loss. The loss arose from trade advances becoming unrecoverable after suspension of operations, and the write-off principle for irrecoverable debts supported deductibility. The assessee's claim was accepted and the disallowance was deleted. Case-Laws Income Tax Wed, 11 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395403