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2018 (10) TMI 720 - AT - Income TaxDisallowance of speculation loss - loss arising from exchange traded currency derivatives - Held that:- CIT(A) rightly held that the assessee executed currency transactions in derivative segment on the platform of recognized stock exchange which is in the realm of ‘eligible transaction’ and covered by the exceptions provided to Section 43(5)(d) of the Act. In view of the provisions of Section 43(5)(d) of the Act read with Section 2 of Securities Contracts (Regulation) Act, 1956, such derivative transactions of the nature of currency futures are to be excluded from the ambit of the speculative transactions. Consequently, the loss arising from exchange traded currency derivatives has been rightly regarded as normal business loss by the CIT(A). We do not find any infirmity in the order of the CIT(A). - Decided against revenue.
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