08 March 2008
Yes it is to be treated as speculative transaction because it is settled without having delivery of shares accordingly it is to be taxed as speculative profit under business head.
10 March 2008
IT IS TAXED UNDER BUSINESS INCOME -SPECULATIVE LOSS/GAIN. BUT UNDER CLAUSE (d) IN SUB. SEC 5 OF SEC 43 IN RESPECT OF DERIVATIVES TRADING IT IS NOT SPECULATIVE TRANSACTION.IT IS BUSINESS GAIN/ LOSS ONLY. R.V.RAO
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