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Taxation of Futures losses/profits

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(Querist)
10 July 2009 Whether Futures losses or profits should be treated as Income under the head Capital Gains or it should be a Speculative Business Income?
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
10 July 2009 It is treated as normal business income/loss. For details please read proviso (d) of section 43(5) of the IT Act,1961.

Citation:-RBK Securities (p) Ltd Vs.ITO 13 DTR 255 (Mum-Tri).

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