01 July 2011
my query is: a company having non-agriculture land as stock in trade. now state government is acquiring the said land. company is also engage in business of commodity & equity future and option. can loss from speculation business of commodity and equity can be set off from business income of the company or the income arising from acquisition of land.
01 July 2011
1. iNCOME FROM EQUITY F&O IS BUSINESS INCOME 2. INCOME FROM COMMODITY F&O IS SPECULATIVE 3. LOSS FM SPECULATION BUSINESS CAN BE SET OFF ONLY AGAINST INCOME FM SPECULATIVE BUSINESS 4. PROFIT FM SALE OF AG LAND HELD AS STOCK CAN BE SET OFF AG BUSINESS LOSS
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