Assessee in garb of entering hedging transaction cannot seek to enter into speculative transaction in any stocks or shares other than one held by him as inventory

If all speculative transactions will be claimed as hedging transactions, very purpose behind the provisions of section 73 not permitting set off of speculative loss against business income will become redundant.

CASE LAWS DETAILS

DECIDED BY: ITAT, MUMBAI BENCH `D’, IN THE CASE OF: ACIT Vs. Dinesh K. Mehta (HUF),  APPEAL NO: ITA No. 976/Mum/2009, DECIDED ON April 30, 2010

ORDER

PER N.V. VASUDEVAN, JM :-

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