For the purpose of computing deduction u/s 10B, speculation business cannot be considered as business of undertaking

CASE LAWS DETAILS DECIDED BY: ITAT, BANGALORE BENCH `A’, IN THE CASE OF: ACIT Vs. K. Mohan & Co. (Exports) P. Ltd., APPEAL NO: ITA No. 113/Bang/09, DECIDED ON August 7, 2009 RELEVANT PARAGRAPH 9. We have heard both the parties. A forward contract is an agreement between a buyer and a seller obligating the seller to deliver a specified asset of specified quality and quantity to the buyer on a specified date at a specified place and the buyer in turn Is obligated to pay the seller a pre-negotiated price in exchange of the delivery. In the Instant case, the assessee is engaged in the b...