Dismissing the appeal of the revenue the Court held that the assessee has amended the object clause to carry on business in futures and options , accordingly the Tribunal is justified in allowing the loss on futures and options allowable as business loss and not as speculation . ( ITA No 888 of 2016 dt. 11-12-2018) ( AY. 2007 -08)
PCIT v. Triforce Infrastructure ( India ) Pvt.Ltd ( Bom) ( HC) (UR) Editorial: DCIT v Triforce Infrastructure ( India ) Pvt.Ltd (SMC) ( Mum) (Trib)( ITA No .1890 /Mum/ 2014 dt 12-06-2015) is affirmed .
S.28(i): Business loss – Main object of the company – Infrastructure- Amended clause to carry on business of shares futures and options- Speculation- Futures and options- Amendment in object clause to carry on business in futures and options- Loss is allowable as business loss [ S. 43(5,73 ]