https://www.taxtmi.com/caselaws?id=781830 ITAT Kolkata allowed the assessee's appeal, holding that losses from derivative and commodity transactions in foreign exchange constituted non-speculative business loss under s. 43(5)(d) of the Act. Relying on precedents treating such derivative trading in foreign currency as covered by the statutory exception, the Tribunal held that the loss could not be classified as speculative. Consequently, the disallowance made by the AO and sustained by CIT(A), treating the loss as speculative, was set aside. The assessee is entitled to treat the loss as regular business loss with corresponding tax treatment and set-off as per law. en-us Wed, 15 Oct 2025 00:00:00 +0530 Fri, 21 Nov 2025 08:42:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=781830 ITAT Kolkata allowed the assessee's appeal, holding that losses from derivative and commodity transactions in foreign exchange constituted non-speculative business loss under s. 43(5)(d) of the Act. Relying on precedents treating such derivative trading in foreign currency as covered by the statutory exception, the Tribunal held that the loss could not be classified as speculative. Consequently, the disallowance made by the AO and sustained by CIT(A), treating the loss as speculative, was set aside. The assessee is entitled to treat the loss as regular business loss with corresponding tax treatment and set-off as per law. Case-Laws Income Tax Wed, 15 Oct 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=781830