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 Gajendra Kumar T Agarwal Vs. Income Tax Officer Appearances: S L Jain, for the appellant Pavan Vaid, for the respondent O R D E R Per Pramod Kumar : 1. By way of this appeal, the assessee appe...