FII’s Income from trading in futures and options is business income

Facts The applicant is a public company incorporated in Canada. It is engaged in the business of banking and other financial services. It also trades in securities (including derivatives) in various parts of the world. The applicant is registered as a Foreign Institutional Investor (FII) with Securities Exchange Board of India (SEBI) and is mainly dealing in the derivatives segment of the Indian Stock Exchanges.The applicant is trading in stock / index futures and stock / index options. It has also proposed to undertake the purchase and sale of shares and futures that are carried on as a part...