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2016 (5) TMI 430 - ITAT KOLKATALosses in speculation business - adjustment with profit from non speculative business - Held that:- We are in agreement with the argument of Ld. counsel for the assessee that the income from derivatives is defined in section 43(5) of the Act and since it excludes such transactions from the nature of speculative transaction and AO treats that the transaction has not been excluded from section 73 of the Act, therefore, the assessee was entitled to claim the loss of shares against the income of derivatives. The income from derivative trading in the present case being of the nature of income from speculative business can be set off from the loss incurred on own trading in shares suffered by the Assessee. - Decided against revenue
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