16 December 2010
A company has incurred the huge loss in currency trading from NSE. What will be the tax implications? Whether the same will be treated as speculation loss in terms of Section 43(5)read with Section 73 of the Income Tax Act, 1961?
16 December 2010
But as per Sec 43(5)the derivative transactions done through a recognised stock exchange shall not be treated as speculative transactions and as far as I know the NSE is a recognised stock exchange for derivative transactions.
17 December 2010
Thnks. But I want to know whether that loss will be allowed to be setoff against the interest income or other business income as per Section 73
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