Allowing the appeal of the assessee the Tribunal held that ,loss incurred on future and option is deemed to be business loss accordingly Loss would be set off against income from business. Explanation to S.73 is not applicable.Followed Asian Financial Services Ltd. v. CIT (2016)240 Taxman 192 ( Cal) (HC).( AY.2012-13)
Magic Share Traders Ltd. DCIT (2019) 174 ITD 230 (Ahd) (Trib.)
S. 43(5) : Speculative transaction – Derivatives-Loss incurred on future and option is deemed to be business loss- Loss would be set off against income from business- Explanation to S.73 is not applicable [ S.73 ]