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2010 (5) TMI 606 - ITAT DELHISet-off of loss against transaction in derivatives segment Held that:- By Finance Act, 2005 -the transactions of futures segment w.e.f. 01/4/2006 would not be treated as speculation transactions. Therefore, for Assessment Year 2006-07, the loss incurred under derivates segment was business loss which was to be set off against the profit earned against cash segment - Since we have held that the transactions in derivatives will be treated as business income, no expenditure can be allocated towards speculative business. Supermacy of Parliament over CBDT Notifications - Held that:- where recognition to stock Exchange was given from 25.01.2006 and transaction in future segment as normal business income from A/Y 2006-07, it was concluded that income from all transaction during P/Y 2005-2006 shall be deemed to be non speculative.
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