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2013 (11) TMI 117 - ITAT CHANDIGARHDisallowance of loss from derivative business – Held that:- Following Asst. CIT v. Shree Gopal Purohit [2009] [2009 (6) TMI 676 - ITAT MUMBAI] - Income from derivative transaction is non-speculative in nature - Even if there are procedural violations and the transactions are not strictly eligible transactions, there is no dispute that these are transactions in derivative products and such transactions even under the definition of speculative transactions in section 43(5) are non speculative - The assessee had maintained each and every record of the documentation provided by the sub-broker like trade confirmation report and bills - The assessee, having lack of knowledge about the contract note, did not desire for the contract note from sub-broker - The sub-broker has confirmed the transactions. The assessee has actually traded in derivatives, which is proved from all the trade confirmation reports and final settlement on record – Decided in favour of assesse.
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