Derivatives Profit / Loss: Section 43(5)(d) applies from AY 2006-07

M/s. Nilliampathy Tracon (P) Ltd. Vs. A.C.I.T. (ITAT Kolkata) As far as the appeal of the revenue is concerned, we find that the issue as to whether transaction of trading in derivatives and profit or loss from such transaction should be regarded as a normal business loss from 01.04.2005 or from 25.01.2006 has been concluded by the decision of the Hon’ble Special Bench of ITAT, Kolkata in the case of Shree Capital Services 318 ITR (AT) 1 (SB) (Cal) in which it was held that the 43(5)(d) of the Act applies from AY 2006-07. The decision in the case of Arun Kumar Saraogi (supra) also supports t...