Arbitrage/jobbing transaction is excluded from purview of speculative transaction u/s 43(5)

Total Securities Ltd Vs ACIT (ITAT Chennai) ITAT Chennai held that provisions of section 73 doesn’t apply in view of specific exclusions of the arbitrage/jobbing transactions from the purview of speculative transaction u/s 43(5) of the Income Tax Act. Facts- The present appeal is filed by the appellant contending that CIT(A) has erred in confirming the addition made by the assessing officer by treating the loss of income as speculation loss. AO held that the assessee set-off share trading loss on equity based transactions against income from derivative trading. The income from derivative tra...