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Non-Speculative F&O Losses Allowed to Set Off Against Capital Gains
Case Law Details
- Case Name
- Kamal Kant Vs ITO (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2009-10
- Courts
- All ITAT, ITAT Delhi
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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...
