Profit / Loss from Trading in currency derivatives cannot be treated as Speculative

Nand Nandan Agrawal Vs Dy. CIT (ITAT Agra) Impugned contract for derivatives in foreign currency was commodity as defined under section 43(5) and was entitled to exemption from being treated as speculative provided all other conditions as stipulated under section 43(5) were complied with. All such transactions in foreign currency derivatives were conducted through a recognized broker and were supportedby time-stamped contract notes. Also accounts of assessee, including those related to the foreign currency derivatives, were duly audited. Therefore, in view of proviso (d) to section 43(5), tran...