Mark to market loss on foreign currency derivatives transaction being a non-speculation loss not covered u/s 43(5)

Brief of the Case

ITAT Mumbai held In the case of Inventurus Knowledge Services Pvt. Ltd. vs. ITO that it is clear that the eligible transactions in derivatives carried out through recognized stock exchanges are exempted from the purview of speculation transactions u/s 43(5) provided other conditions are satisfied. We have observed that the assessee company has entered into derivative transactions in foreign currency through SEBI registered broker who is a member National Stock Exchange of India

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