Sec 43(5) - speculative transaction

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Sriram (Querist)
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20 December 2011 Sec 43(5) explains about speculative transaction & one of the provisions under that, (d) says that " an eligible transaction in respect of trading in derivatives referred to in clause (ac) of section 2 of the Securities Contracts (Regulation) Act, 1956 carried out in Recognized Stock exchange, shall not be deemed to be a speculative transaction.

My question is, if a person carries on F&O and intra-day transactions in a recognized stock exchange, will these not amount to speculative business transactions?

what is the meaning of the words "eligible transaction" under this proviso, i mean what kind of transactions are eligible here.