Speculation loss from share trading cannot be set off against F&O profits

Snowtex Investment Limited Vs Pr. CIT (Supreme Court) Conclusion: Loss occurred to assessee as a result of its activity of trading in shares (a loss arising from the business of speculation) was not capable of being set off against the profits which it had earned against the business of futures and options since the latter did not constitute profits and gains of a speculative business. Held: Assessee was trading in shares and securities having loss from share trading which was held to be a speculation loss. AO held that in view of the provisions of Section 43(5)(d), activities pertaining to f...