Case Law Details
Case Name : The Commissioner of Income Tax Delhi-IV Vs DLF Commercial Developers Limited (Delhi High Court)
Related Assessment Year :
Courts :
All High Courts Delhi High Court
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Issue- Did the Income Tax Appellate Tribunal (ITAT) fall into error in not holding that the loss of Rs. 4,92,71,000/- on account of derivative transaction was a speculative loss, and was entitled to the benefit of Section 73, in view of the Explanation to Section 73 of the Income Tax Act
Brief Facts :– The brief facts are that the assessee claimed loss of Rs.492.71 lakhs on account of purchase and sale of shares. The assessee argued that the loss in trading of derivatives was not a speculative loss in terms of Section 43(5) of the Income Tax Act and could not be disallowed as speculative...
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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