Forex derivative and commodity losses held non-speculative business loss, eligible for set-off under s. 43(5)(d).

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....ITAT adjudicated that the loss incurred by the assessee from derivative and commodity transactions in foreign exchange constitutes non-speculative business loss within the ambit of the exception under s. 43(5)(d) of the Act. The Revenue's treatment of such loss as speculative was rejected. ITAT held that these transactions are carried out through recognized platforms and are squarely covered by the statutory exception for eligible derivative transactions, thereby characterizing the resultant loss as ordinary business loss allowable against other business income. Consequently, the disallowance made by the AO and sustained by the CIT(A) was set aside. Ground No. 1 raised by the assessee was allowed, and the appeal was allowed in full, granting the assessee the benefit of set-off of the derivative and commodity-related foreign exchange loss as regular business loss.....