12 November 2010
LOSS UNDER F&O IS TREATED AS NORMAL BUSINESS LOSS UNDER WHICH SECTION OF I.T ACT, 1961 AND THE ORDER NO. AND DATE OF ORDER ON WHICH THE ORDER WAS PASSED.
12 November 2010
You may refer Section 43(5)(d). A transaction in respect of trading in derrivatives carried out in a Recognised Stock Exchange is not treated as a speculative transaction. Therefore it is a normal business transaction.
But i have recently heard that IT department has started opening cases of ICICI Bank, Wipro etc where they have claimed F & O losses from normal business income. Please clarify this also.
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