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Derivative Loss Set-Off Allowed Against Profits for Tax Purposes; Non-Deliverable Commodities Not Considered Speculative.
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....Set off of derivative loss against derivative profit - speculative loss or not - the derivative transaction is not supported or backed by deliverable commodity - The nature of activity is carried throughout the year by the assessee is one and only one to trade in derivatives on various exchanges and earned profit or income which includes loss - assessee is eligible for set off of this loss against the profit. - AT....