https://www.taxtmi.com/caselaws?id=59828 The Tribunal held that the losses incurred on futures and options are speculative in nature under Section 43(5) of the IT Act. It was determined that derivative transactions in the form of futures and options fall within the meaning of 'commodity' under Section 43(5). Additionally, the Tribunal concluded that clause (d) of Section 43(5), introduced by the Finance Act, 2005, is prospective and not retrospective. As a result, the assessee's appeal was dismissed, and the orders of the lower authorities were upheld. en-us Fri, 31 Jul 2009 00:00:00 +0530 Wed, 04 Oct 2023 12:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59828 The Tribunal held that the losses incurred on futures and options are speculative in nature under Section 43(5) of the IT Act. It was determined that derivative transactions in the form of futures and options fall within the meaning of 'commodity' under Section 43(5). Additionally, the Tribunal concluded that clause (d) of Section 43(5), introduced by the Finance Act, 2005, is prospective and not retrospective. As a result, the assessee's appeal was dismissed, and the orders of the lower authorities were upheld. Case-Laws Income Tax Fri, 31 Jul 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59828