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LOSS FROM F &O

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(Querist)
12 November 2010 LOSS UNDER F&O IS TREATED AS NORMAL BUSINESS LOSS UNDER WHICH SECTION OF I.T ACT, 1961 AND THE ORDER NO. AND DATE OF ORDER ON WHICH THE ORDER WAS PASSED.
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
12 November 2010 You may refer Section 43(5)(d).
A transaction in respect of trading in derrivatives carried out in a Recognised Stock Exchange is not treated as a speculative transaction. Therefore it is a normal business transaction.
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MAHENDRA KUMAR BAGRECHA

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MAHENDRA KUMAR BAGRECHA (Expert)
13 November 2010 Hi,

But i have recently heard that IT department has started opening cases of ICICI Bank, Wipro etc where they have claimed F & O losses from normal business income. Please clarify this also.
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