Explanation to section 73 supersede provision of section 43(5)(d)

ITO Vs. M/s. Arandi Investments Pvt. Ltd. (ITAT Mumbai) Assessing Officer treated loss in future and options (F&O) transactions as speculation loss and disallowed the same. We find that on this issue, the A.O. has referred to Honorable Delhi High Court decisions on identical issue. The Honorable Delhi High Court in the case of CIT vs. DLF Commercial Developers Ltd. [2013] 218 Taxman 45 (Del) has held that the provisions of the explanation to section 73 supersede the provision of section 43(5)(d). In view of this, the loss arising on account of F & O transaction was to be held as a spec...