Post section 43(5) amendment derivatives losses have to be treated as non-speculation business losses for the purposes of set-off

Gajendra Kumar T Agarwal Vs. ITO (ITAT Mumbai) –Assessee was eligible for setting of losses of business of dealing in derivatives, incurred in the assessment years prior to the assessment year 2006-07, against the profits of the same business in assessment year 2006-07.

IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI G BENCH, MUMBAI

ITA No. 1798/Mum/2010 Assessment year: 2006- 07

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