Derivative transaction entered prior to notification defining Recognised Exchanges is also eligible to be treated as non speculative transaction

ACIT Vs Hiren Jaswantrai Shah (ITAT Ahmedabad)- Derivative transactions carried out through stock exchanges from 1 April 2005 to 25 January 2006, which are recognised by the notification issued by the CBDT on 25 January 2006, would be eligible for being treated as non-speculative transactions within the meaning of clause (d) of proviso to s 43(5) and, accordingly, are available for set-off against regular business income. ACIT Vs Hiren Jaswantrai Shah ITAT, Ahmedabad ITA No. 3361 (Ahd.) of 2009 Assessment Year: 2006- 07 O R D E R Per D.C. Agrawal, Accountant Member. This is a...