https://www.taxtmi.com/caselaws?id=398923 Commodity derivative trading carried on only as one line of business across multiple exchanges constituted a single composite business for tax purposes, so profits and losses from the different exchanges had to be aggregated for set-off. The legal character of the transactions depended on the nature of the activity, not on the exchange through which they were executed, and the business could not be split merely because trades were routed through different exchanges. Loss from transactions on an exchange not separately notified by CBDT was also treated as part of the same species of commodity derivative business, so it could be set off against profit from a recognised exchange. en-us Fri, 24 Jul 2020 00:00:00 +0530 Mon, 28 Sep 2020 08:44:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=398923 Commodity derivative trading carried on only as one line of business across multiple exchanges constituted a single composite business for tax purposes, so profits and losses from the different exchanges had to be aggregated for set-off. The legal character of the transactions depended on the nature of the activity, not on the exchange through which they were executed, and the business could not be split merely because trades were routed through different exchanges. Loss from transactions on an exchange not separately notified by CBDT was also treated as part of the same species of commodity derivative business, so it could be set off against profit from a recognised exchange. Case-Laws Income Tax Fri, 24 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=398923