Assessee in garb of entering hedging transaction cannot seek to enter into speculative transaction in any stocks or shares other than one held by him as inventory

If all speculative transactions will be claimed as hedging transactions, very purpose behind the provisions of section 73 not permitting set off of speculative loss against business income will become redundant. CASE LAWS DETAILS DECIDED BY: ITAT, MUMBAI BENCH `D’, IN THE CASE OF: ACIT Vs. Dinesh K. Mehta (HUF),  APPEAL NO: ITA No. 976/Mum/2009, DECIDED ON April 30, 2010 ORDER PER N.V. VASUDEVAN, JM :- This is an appeal by the revenue against the order dated 28.11.2008 of learned CIT(A)-XII, Mumbai for A.Y. 2005-06. 2. Ground No.1 raised by the revenue reads as follows ...