Non-Speculative F&O Losses Allowed to Set Off Against Capital Gains

Kamal Kant Vs ITO (ITAT Delhi) The ITAT Delhi addressed an appeal filed by the assessee, Mr. Kamal Kant, against an order from the National Faceless Appeal Centre (NFAC) for the Assessment Year (A.Y.) 2009-10. The core issue of the dispute arose from an order passed under Section 154 of the Income-tax Act, 1961, where the Central Processing Centre (CPC) disallowed the assessee’s claim to set off a business loss against income under the head Capital Gain. The assessee, an individual engaged in trading shares, securities, and Futures & Options (F&O) contracts, filed a return declar...