Commodity derivatives trading loss can be set-off against regular business profits

Ramesh Verma Vs ACIT (ITAT Lucknow) ITAT held that loss from trading in commodity derivatives is not a speculative loss and rightly been set off by the assessee against regular business profits from medical derivatives business. Transactions entered into by the assessee, in keeping with the specific requirements of clause (e) of the first proviso to section 43(5), cannot at all be deemed to be speculative transactions. In this regard, unsustainably, the authorities below have gone at a total tangent from the requirements of law. As for the Assessing Officer, he states that the assessee does bu...