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2015 (12) TMI 513 - AT - Income TaxDisallowance of set off being loss on account of trading in Futures and Options/derivatives against other income - Held that:- The assessee although had incurred loss of ₹ 3,93,08,929/- in trading of derivatives, but it had dividend income of ₹ 14,64,859/- and interest income under the head “income from other sources” amounting to ₹ 39,236/-. Therefore, the only positive income of the assessee was under the head “income from other sources”. We, therefore, by considering the totality of the facts as discussed hereinabove are of the view that the assessee’s case falls within the purview of exception carved out in the explanation to Section 73 of the Act and consequently the assessee shall not be deemed to be doing the speculative business for the purpose of Section 73(1) of the Act. As in the present case, the assessee was having the interest income as well as income from dividend, the set off being loss on account of trading in Futures and Options/derivatives against other income should be allowed - Decided in favour of assessee.
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