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2020 (3) TMI 1411 - AT - Income TaxNature of loss - business loss or speculation loss - Treating the business loss incurred in Future & Option of Derivatives as Speculation Loss u/s 73(1) - whether considering the F & O transactions has not satisfied the condition of section 43(5)? - HELD THAT:- The derivatives i.e. Future and Option transactions were taken place in the recognized stock exchange i.e. National Stock exchanged and MCS in various scripts and currencies. The detailed broker note along with contract notes/invoices were submitted during the course of assessment proceedings. The assessing officer has treated the aforesaid loss as speculation loss and stated that as per section 73(1) of the Act the same cannot be set off against other normal business loss. We consider that the ld. CIT(A) is not justified in treating the business loss incurred in Future & Option of Derivatives as speculation loss. Therefore, following the decision of the Co-ordinate Bench [2019 (9) TMI 610 - ITAT AHMEDABAD] the appeal of the assessee is allowed.
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