Case Law Details
Case Name : CIT Vs. Bharat R. Ruia (Bombay High Court)
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All High Courts Bombay High Court
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CIT Vs. Bharat R. Ruia (Bombay High Court)
Summary :- Exchange traded derivative transactions carried on by the assessee during AY 2003-04 are speculative transactions covered under Section 43(5) of the Act and the loss incurred in those transactions are liable to be treated as speculative loss and not business loss. We further hold that clause (d) inserted to the proviso to Section 43(5) with effect from 1/4/2006 is prospective in nature and the ITAT was in error in holding that clause (d) to the proviso to Section 43(5) applied retrospectively so as to apply to the transactions carried on b...
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I have loss under F & O in shares during the F.Y 2014-15 and have income from interest and short term capital gain.Kindly advise whether loss under derivaties be setoff from interest income and short term capital gain under section 43 ( 5 ) D