Commodity transactions with actual delivery qualify as business losses not speculative under Section 43(5)

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....ITAT allowed the assessee's appeal on multiple grounds. Regarding speculative transaction losses, the tribunal held that commodity transactions were not conducted on NSEL platform and involved actual delivery with proper documentation, thus qualifying as business losses rather than speculative losses under Section 43(5). The AO's disallowance based solely on transactions with specific parties was deemed unacceptable. For futures and options losses, ITAT ruled these constituted legitimate hedging activities for the manufacturing business, not speculative transactions. Additional depreciation disallowance was reversed, following Godrej Industries Ltd precedent that balance depreciation benefit can be claimed in subsequent assessment years. Pr.........