Loss from derivative is a normal business loss and not speculation loss

IT : Where decisions of non-jurisdictional High Courts are in conflict with each other, only objective criteria to be followed is to take a view favourable to assessee. Thus, Calcutta High Court in case of Asian Financial Services Ltd v. CIT, [(2017) 293 CTR 240 (Cal) having held that loss incurred on account of derivatives would be deemed business loss under proviso to section 43(5) and not speculation loss and, accordingly Explanation to section 73 could not be applied and as such, loss would

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