Urgent

Dear Vishal,

You can not set off the Speculation loss to normal business profit..... (Section 73)

Regards,

Neha Chauhan

Dear Neha ji, As per Sec 43(5)clause d, derivative trading is not a speculation loss, it is a business loss.

as per my knowledge, you cannot claim setoff of the said amount with loss as you have not filed your return of income within time limit as specfied u/s 139(1)

Dear Vishal,

I believe for multiple reasons you won't be able to claim the set off including limitation pointed out by Kulwant.  Also, you need to establish that the derivative loss borne by the assessee fulfills the conditions laid out in 43(5).  Otherwise, it shall be treated as speculative loss only.  Even of u are able to prove that section 139 will screw the case anyways.