Loss on trading in derivatives can be set off against business income

Souvenir Developers (I) Pvt. Ltd. Vs Union of India (Bombay High Court) Facts- The appellant is dealing in collection of Toll fees and also carrying business of shares and derivatives. The ROI declaring total income of Rs.85,43,220/- was submitted electronically by assessee on 30th September 2009. The same was processed on 28th March 2011 u/s 143 (1) by accepting the ROI. Subsequently the case of the appellant was picked up for scrutiny. The statutory notice u/s. 143(2) was issued on 28th September 2010. The appellant produced the information called as per questionnaire before the AO. The AO p...