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Set off in case of share broker engaged in trading

This query is : Resolved 
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(Querist)
27 January 2013 Assessee is a share broker engaged in trading in shares and commodoties , can the profit from the future and Option from trading on shares be set off against the losses of trading of commodities and vice versa.
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
28 January 2013 The losses of Commodity exchange transactions is if speculative in nature it can not be set off against income earned from Share trading. However if the position is reversed, set off is allowed.
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