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Even prior to the amendment to S.43(5) w.e.f 1.4.2006, dealings in futures & options and other derivatives cannot be treated speculative transaction
Case Law Details
- Case Name
- R. B. K. Securities vs. ITO (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2003-04
- Courts
- ITAT Mumbai
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Even prior to the amendment to s. 43(5) by the Finance Act 2005 w.e.f 1.4.2006, dealings in Futures & Options and other derivatives products cannot be treated as speculative transactions as they are special kind of transactions, not involving purchase and sale of shares and consequently the loss arising therefrom cannot be treated as a speculation loss.
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R. B. K. Securities vs. ITO (ITAT Mumbai)
on 21/7/2008
ORDER
G.C. Gupta, Judicial Member
1. This appeal by the assessee for the Assessment Year 2003-04 is directed against the order of the CIT(A).
2. The...
