Futures and Options losses are business losses, not speculation, per section 43(5) proviso. Set off against other business income.

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....Losses incurred by the assessee from F & O operations - Speculation loss or business loss - Loss incurred on account of derivatives would be deemed business loss under proviso to section 43(5) and not speculation loss and, hence, Explanation to section 73 could not be applicable; and such loss would be set off against income from business - AT....