INCOME TAX: By virtue of insertion of clause (d) to proviso to Section 43 (5) of Income Tax Act, 1961, transactions in respect of trading in derivatives as prescribed in clause (d) inserted in proviso to Section 43(5) would not be a speculative transaction. Thus, assessee was entitled to claim set off of loss suffered by it in derivatives transactions against business income under Section 70INCOME TAX: By virtue of insertion of clause (d) to proviso to Section 43 (5) of Income Tax Act, 1961, transactions in respect of trading in derivatives as prescribed in clause (d) inserted in proviso to Section 43(5) would not be a speculative transaction. Thus, assessee was entitled to claim set off of loss suffered by it in derivatives transactions against business income under Section 70www.taxmann.com Latest Case LawsRead More
