Section 73 / 43(5) cannot be interpreted to disadvantage of assessee

The brief facts relevant to the issue are that during the year under consideration, the assessee had carried out cash future arbitrage and earned a profit from the said activity. During course of assessment proceedings, AO asked assessee to give break up of Cash and Future arbitrage, which was duly furnished by the assessee. AO thereafter sought an explanation as to why the loss from cash segment should not be disallowed as per Explanation to section Assessee vide letter dated 19th December. 2011 submitted that the activity of buying and selling of shares in cash segment and future segment was...