https://www.taxtmi.com/caselaws?id=297687 The Appellate Tribunal allowed the company's appeal against the disallowance of losses on derivative transactions as speculative under section 43(5) and the disallowance u/s. 14A. The Tribunal held that losses from speculative transactions could be set off against profits from deemed speculative business of share purchase and sale. It directed the AO to restrict disallowance u/s. 14A to 1% of exempt income and admitted an additional ground related to the treatment of share transactions under Explanation to Section 73. The Tribunal granted the benefit of set off as per the discussed provisions. en-us Wed, 19 Jun 2013 00:00:00 +0530 Fri, 17 Sep 2021 15:42:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=297687 The Appellate Tribunal allowed the company's appeal against the disallowance of losses on derivative transactions as speculative under section 43(5) and the disallowance u/s. 14A. The Tribunal held that losses from speculative transactions could be set off against profits from deemed speculative business of share purchase and sale. It directed the AO to restrict disallowance u/s. 14A to 1% of exempt income and admitted an additional ground related to the treatment of share transactions under Explanation to Section 73. The Tribunal granted the benefit of set off as per the discussed provisions. Case-Laws Income Tax Wed, 19 Jun 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=297687