https://www.taxtmi.com/caselaws?id=794998 Derivative transactions on a recognised stock exchange qualifying under Section 43(5)(d) are not purchases and sales of shares for the Explanation to Section 73; related losses are therefore treated as business losses rather than speculative losses. Expense allocation to share-trading activity requires a proper basis, with only the substantiated portion retained. Section 14A read with Rule 8D does not permit disallowance where no exempt income has been earned, and any disallowance cannot exceed exempt income. The derivative-loss addition and unsupported expense allocation were deleted except for the retained share-trading loss and reasonable attributable expense. en-us Fri, 10 Jul 2026 00:00:00 +0530 Wed, 15 Jul 2026 08:21:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=794998 Derivative transactions on a recognised stock exchange qualifying under Section 43(5)(d) are not purchases and sales of shares for the Explanation to Section 73; related losses are therefore treated as business losses rather than speculative losses. Expense allocation to share-trading activity requires a proper basis, with only the substantiated portion retained. Section 14A read with Rule 8D does not permit disallowance where no exempt income has been earned, and any disallowance cannot exceed exempt income. The derivative-loss addition and unsupported expense allocation were deleted except for the retained share-trading loss and reasonable attributable expense. Case-Laws Income Tax Fri, 10 Jul 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=794998