Dismissing the appeal, that the assessee had been dealing in shares whereof delivery was in fact taken and also in shares whereof delivery was not ultimately taken. The Tribunal had directed the Assessing Officer to consider the foreign exchange derivative in proportion to the export turnover as regular business transactions of the assessee. If the derivative transactions undertaken by the assessee were in excess of the export turnover the loss suffered in respect of the excess transactions had to be considered as speculative loss. The excess derivative transactions had no proximity with the export turnover and the Assessing Officer was directed to compute accordingly. Further, the Assessing Officer had to see whether there was any premature cancellation of forward contract in foreign exchange and if so, those transactions should be taken out for the purpose of considering the business loss and only transactions which were completed were to be considered for the purpose of determining the business loss from these foreign exchange forward contracts. No question of law arose from this order.( AY.2008-09)