The assessing officer held that in view of the provisions of Section 43(5)(d), activities pertaining to futures and options could not be treated as speculative transactions. The loss from speculation was held not to be capable of being set off against the profits from business. Tribunal also affirmed the view of the AO. High Court also affirmed the view of the Tribunal. On appeal the Apex Court held that, the amendment to the Explanation to s. 73 by the Finance (No 2) Act 2014 with effect from 1 April 2015 is not clarificatory or retrospective. Consequently, loss occurred to the assessee as a result of its activity of trading in shares (a loss arising from the business of speculation) is not capable of being set off against the profits which it had earned against the business of futures and options since the latter did not constitute profits and gains of a speculative business. Statement by assessee before Assessing  Officer that share trading was its sole business during the year . Assessee is bond by admission . While interpreting the section  intention of legislature to be seen .    (AY. 2008-09)(CA Nos.  4483 of 2019, dt. 30.04.2019) ( AY. 2008 -09)