Loss on Trading in Derivatives of Securities can be Adjusted against Business Income: Bombay HC [Read Order]

Trading - Securities - Business Income - Bombay High Court - Taxscan

A division bench of the Bombay High Court comprising Justices R.D. Dhanuka and S.G. Mehare, has held that the loss on trading in derivatives of securities not a speculative loss, can be set off against business income for the purpose of the Income Tax Act, 1961. The assessee/appellant M/s. Souvenir Developer (India) Pvt Ltd deals…

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Souvenir Developers (I) Pvt. Ltd vs The Union of India

Counsel for Appellant:   Mr. S. P. Shah

Counsel for Respondent:   Dr. Kalpalata Bharaswadkar-Patil


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