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2018 (8) TMI 1260 - ITAT INDORESpeculative loss or not - loss incurred by the assessee on Future & Option Transactions - Held that:- In the given circumstances justice needs to be given in favour of the assessee and we therefore respectfully following the judgment of Hon'ble High Court of Calcutta in the case of CIT V/s Asian Financial Services Ltd (2016 (3) TMI 685 - CALCUTTA HIGH COURT) as well as the decision of Coordinate Bench of Delhi in the case of Sucon India Ltd V/s ACIT (2017 (2) TMI 723 - ITAT DELHI) are of the considered view that the loss incurred by the assessee on account of future and option transactions entered during the year cannot be termed as speculation loss in view of the explanation to section 73 of the Act. We further held that the impugned loss falls under the proviso (d) to section 43(5) of the Act and therefore cannot be treated as speculative loss and as such the assessee is eligible to set off the impugned loss from future and option transactions against other business income earned by the assessee during the year. Decided in favorof assessee.
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