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Treatment of derivatives intraday profit/loss

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(Querist)
28 November 2013 Dear Sirs/Experts
My first question is -How do you treat intraday FNO profits and losses ? As speculative profit/loss or non-speculative profit/loss?
My second and final question is How do you treat non-speculative FNO profit/loss?
As business profit/loss or as short term capital gain/loss? It shall help if you give answer supported by latest case laws.
THANKS IN ADVANCE
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
28 November 2013 In case of F&O the intraday transaction is as good as transaction settled on a cut off date as-ultimately- the settlement is done
without delivery and on the basis of price difference.
.
By virtue of Section 43(5) such transactions are normal business transactions.
.
In our country, concept of capital gains in F&O has yet not been introduced.
.
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