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“Section 43(5)(d)”

Section References (mined)Section 43Section 43(5)(d)42 judgments

ACIT, CC 6(2), MUMBAI, MUMBAI vs. OVERSEAS INFRASTRUCTURE ALLIANCE (INDIA) PRIVATE LIMITED, MUMBAI

In the result, appeal by the assessee is allowed

ITA 4321/MUM/2025[2016-17]Status: DisposedITAT Mumbai20 Feb 2026AY 2016-17

Bench: Shri Sandeep Gosain & Shri Girish Agrawal

For Appellant: Shri Harsh Kothari and Shri Ronak Vasavada, CAsFor Respondent: Shri R. A. Dhyani, CIT DR and Shri Virabhadra S. Mahajan, Sr. DR
Section 1

Assessee did not trade in shares of other companies but had traded in derivatives (F&O). As per provisions of section 43(5)(d) of the Act, trading in derivatives is not a speculative business. 3.11. Ld. CIT(A) by taking into account the correct factual position as submitted ... undertaken trading in derivatives (F&O) and not commodities as understood by ld. Assessing Officer and also the provisions contained in section 43(5)(d) post amendment held that the loss incurred by the assessee from trading in derivatives is not a speculative business loss and therefore, explanation to section

ACIT, CC 6(2), MUMBAI, MUMBAI vs. OVERSEAS INFRASTRUCTURE ALLIANCE (INDIA) PRIVATE LIMITED, MUMBAI

In the result, appeal by the assessee is allowed

ITA 4320/MUM/2025[2020-21]Status: DisposedITAT Mumbai20 Feb 2026AY 2020-21

Bench: Shri Sandeep Gosain & Shri Girish Agrawal

For Appellant: Shri Harsh Kothari and Shri Ronak Vasavada, CAsFor Respondent: Shri R. A. Dhyani, CIT DR and Shri Virabhadra S. Mahajan, Sr. DR
Section 1

Assessee did not trade in shares of other companies but had traded in derivatives (F&O). As per provisions of section 43(5)(d) of the Act, trading in derivatives is not a speculative business. 3.11. Ld. CIT(A) by taking into account the correct factual position as submitted ... undertaken trading in derivatives (F&O) and not commodities as understood by ld. Assessing Officer and also the provisions contained in section 43(5)(d) post amendment held that the loss incurred by the assessee from trading in derivatives is not a speculative business loss and therefore, explanation to section

ACIT, CC 6(2), MUMBAI, MUMBAI vs. OVERSEAS INFRASTRUCTURE ALLIANCE (INDIA) PRIVATE LIMITED, MUMBAI

In the result, appeal by the assessee is allowed

ITA 4319/MUM/2025[2019-20]Status: DisposedITAT Mumbai20 Feb 2026AY 2019-20

Bench: Shri Sandeep Gosain & Shri Girish Agrawal

For Appellant: Shri Harsh Kothari and Shri Ronak Vasavada, CAsFor Respondent: Shri R. A. Dhyani, CIT DR and Shri Virabhadra S. Mahajan, Sr. DR
Section 1

Assessee did not trade in shares of other companies but had traded in derivatives (F&O). As per provisions of section 43(5)(d) of the Act, trading in derivatives is not a speculative business. 3.11. Ld. CIT(A) by taking into account the correct factual position as submitted ... undertaken trading in derivatives (F&O) and not commodities as understood by ld. Assessing Officer and also the provisions contained in section 43(5)(d) post amendment held that the loss incurred by the assessee from trading in derivatives is not a speculative business loss and therefore, explanation to section

ACIT, CC-6(2), MUMBAI, MUMBAI vs. OVERSEAS INFRASTRUCTURE ALLIANCE (INDIA) PRIVATE LIMITED, MUMBAI

In the result, appeal by the assessee is allowed

ITA 4318/MUM/2025[2022-23]Status: DisposedITAT Mumbai20 Feb 2026AY 2022-23

Bench: Shri Sandeep Gosain & Shri Girish Agrawal

For Appellant: Shri Harsh Kothari and Shri Ronak Vasavada, CAsFor Respondent: Shri R. A. Dhyani, CIT DR and Shri Virabhadra S. Mahajan, Sr. DR
Section 1

Assessee did not trade in shares of other companies but had traded in derivatives (F&O). As per provisions of section 43(5)(d) of the Act, trading in derivatives is not a speculative business. 3.11. Ld. CIT(A) by taking into account the correct factual position as submitted ... undertaken trading in derivatives (F&O) and not commodities as understood by ld. Assessing Officer and also the provisions contained in section 43(5)(d) post amendment held that the loss incurred by the assessee from trading in derivatives is not a speculative business loss and therefore, explanation to section

ACIT, CC 6(2), MUMBAI, MUMBAI vs. OVERSEAS INFRASTRUCTURE ALLIANCE (INDIA) PRIVATE LIMITED, MUMBAI

ITA 4090/MUM/2025[2016-17]Status: DisposedITAT Mumbai20 Feb 2026AY 2016-17

undertaken trading in\nderivatives (F&O) and not commodities as understood by ld. Assessing\nOfficer and also the provisions contained in section 43(5)(d) post\namendment held that the loss incurred by the assessee from trading in\nderivatives is not a speculative business loss and therefore, explanation\nto section

OVERSEAS INFRASTRUCTURE ALLIANCE(INDIA) PRIVATE LIMITED ,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE 6(2), MUMBAI

ITA 4064/MUM/2025[2022-23]Status: DisposedITAT Mumbai20 Feb 2026AY 2022-23

undertaken trading in\nderivatives (F&O) and not commodities as understood by ld. Assessing\nOfficer and also the provisions contained in section 43(5)(d) post\namendment held that the loss incurred by the assessee from trading in\nderivatives is not a speculative business loss and therefore, explanation\nto section

OVERSEAS INFRASTRUCTURE ALLIANCE(INDIA) PRIVATE LIMITED,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE -6 , MUMBAI

In the result, appeal by the assessee is allowed

ITA 4045/MUM/2025[2020-21]Status: DisposedITAT Mumbai20 Feb 2026AY 2020-21

Bench: Shri Sandeep Gosain & Shri Girish Agrawal

For Appellant: Shri Harsh Kothari and Shri Ronak Vasavada, CAsFor Respondent: Shri R. A. Dhyani, CIT DR and Shri Virabhadra S. Mahajan, Sr. DR
Section 1

Assessee did not trade in shares of other companies but had traded in derivatives (F&O). As per provisions of section 43(5)(d) of the Act, trading in derivatives is not a speculative business. 3.11. Ld. CIT(A) by taking into account the correct factual position as submitted ... undertaken trading in derivatives (F&O) and not commodities as understood by ld. Assessing Officer and also the provisions contained in section 43(5)(d) post amendment held that the loss incurred by the assessee from trading in derivatives is not a speculative business loss and therefore, explanation to section

OVERSEAS INFRASTRUCTURE ALLIANCE (INDIA) PRIVATE LIMTIED ,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE 6(2), MUMBAI

In the result, appeal by the assessee is allowed

ITA 4044/MUM/2025[2021-22]Status: DisposedITAT Mumbai20 Feb 2026AY 2021-22

Bench: Shri Sandeep Gosain & Shri Girish Agrawal

For Appellant: Shri Harsh Kothari and Shri Ronak Vasavada, CAsFor Respondent: Shri R. A. Dhyani, CIT DR and Shri Virabhadra S. Mahajan, Sr. DR
Section 1

Assessee did not trade in shares of other companies but had traded in derivatives (F&O). As per provisions of section 43(5)(d) of the Act, trading in derivatives is not a speculative business. 3.11. Ld. CIT(A) by taking into account the correct factual position as submitted ... undertaken trading in derivatives (F&O) and not commodities as understood by ld. Assessing Officer and also the provisions contained in section 43(5)(d) post amendment held that the loss incurred by the assessee from trading in derivatives is not a speculative business loss and therefore, explanation to section

OVERSEAS INFRASTRUCTURE ALLIANCE (INDIA) PRIVATE LIMTIED ,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE 6(2), MUMBAI

In the result, appeal by the assessee is allowed

ITA 4043/MUM/2025[2019-20]Status: DisposedITAT Mumbai20 Feb 2026AY 2019-20

Bench: Shri Sandeep Gosain & Shri Girish Agrawal

For Appellant: Shri Harsh Kothari and Shri Ronak Vasavada, CAsFor Respondent: Shri R. A. Dhyani, CIT DR and Shri Virabhadra S. Mahajan, Sr. DR
Section 1

Assessee did not trade in shares of other companies but had traded in derivatives (F&O). As per provisions of section 43(5)(d) of the Act, trading in derivatives is not a speculative business. 3.11. Ld. CIT(A) by taking into account the correct factual position as submitted ... undertaken trading in derivatives (F&O) and not commodities as understood by ld. Assessing Officer and also the provisions contained in section 43(5)(d) post amendment held that the loss incurred by the assessee from trading in derivatives is not a speculative business loss and therefore, explanation to section

ACIT CC 6(2), MUMBAI, MUMBAI vs. OVERSEAS INFRASTRUCTURE ALLIANCE (INDIA) PRIVATE LIMITED, MUMBAI

In the result, appeal by the assessee is allowed

ITA 3998/MUM/2025[2017-18]Status: DisposedITAT Mumbai20 Feb 2026AY 2017-18

Bench: Shri Sandeep Gosain & Shri Girish Agrawal

For Appellant: Shri Harsh Kothari and Shri Ronak Vasavada, CAsFor Respondent: Shri R. A. Dhyani, CIT DR and Shri Virabhadra S. Mahajan, Sr. DR
Section 1

Assessee did not trade in shares of other companies but had traded in derivatives (F&O). As per provisions of section 43(5)(d) of the Act, trading in derivatives is not a speculative business. 3.11. Ld. CIT(A) by taking into account the correct factual position as submitted ... undertaken trading in derivatives (F&O) and not commodities as understood by ld. Assessing Officer and also the provisions contained in section 43(5)(d) post amendment held that the loss incurred by the assessee from trading in derivatives is not a speculative business loss and therefore, explanation to section

ACIT, CC-6(2), MUMBAI, MUMBAI vs. OVERSEAS INFRASTRUCTURE ALLIANCE (INDIA) PRIVATE LIMITED, MUMBAI

In the result, appeal by the assessee is allowed

ITA 3995/MUM/2025[2011-12]Status: DisposedITAT Mumbai20 Feb 2026AY 2011-12

Bench: Shri Sandeep Gosain & Shri Girish Agrawal

For Appellant: Shri Harsh Kothari and Shri Ronak Vasavada, CAsFor Respondent: Shri R. A. Dhyani, CIT DR and Shri Virabhadra S. Mahajan, Sr. DR
Section 1

Assessee did not trade in shares of other companies but had traded in derivatives (F&O). As per provisions of section 43(5)(d) of the Act, trading in derivatives is not a speculative business. 3.11. Ld. CIT(A) by taking into account the correct factual position as submitted ... undertaken trading in derivatives (F&O) and not commodities as understood by ld. Assessing Officer and also the provisions contained in section 43(5)(d) post amendment held that the loss incurred by the assessee from trading in derivatives is not a speculative business loss and therefore, explanation to section

RIDHI VINCOM PVT. LTD.,KOLKATA vs. I.T.O., WARD - 4(1),, KOLKATA

In the result, the appeal of the assessee is allowed

ITA 947/KOL/2025[2013-2014]Status: DisposedITAT Kolkata15 Oct 2025AY 2013-2014

Bench: Shri Rajesh Kumar, Am & Shripradip Kumar Choubey, Jm Ito, Ward 4(1) Ridhi Vincom Pvt. Ltd. Aaykar Bhawan Poorva, C/O M/S Salarpuriajajodia& Co. P-7, Chowringhee Square, 7, C.R. Avenue, 3 Rd Floor, Vs. 8Th Floor, Kolkata-700069, Kolkata-700072, West Bengal West Bengal (Appellant) (Respondent) Pan No. Aaecr9858C Assessee By : Shri S. Jhajharia, Ar Revenue By : Shri Manas Mondal, Dr Date Of Hearing: 17.09.2025 Date Of Pronouncement: 15.10.2025

For Appellant: Shri S. Jhajharia, ARFor Respondent: Shri Manas Mondal, DR
Section 43(5)(d)

speculative transaction. Further, an 'eligible transaction' for this purpose would be one that fulfils the conditions laid down in Explanation to Section 43(5)(d). Any loss in a speculative transaction can be set off only against profit from speculative transactions. As the revenue implications of such transaction are large

KAMAL KANT,DELHI vs. ITO, WARD-54(1), DELHI

In the result, the appeal of the assessee is allowed for statistical purpose

ITA 3594/DEL/2023[2009-10]Status: DisposedITAT Delhi17 Sept 2025AY 2009-10

Bench: Sh. Sudhir Kumar & Sh. Manish Agarwalassessment Year: 2009-10 Kamal Kant Vs. Income Tax Officer Ward K-15 South Extension –One 54(1) Civic Centre Delhi New Delhi 110049 Pan No. Aaipk 1374K (Appellant) (Respondent)

Section 143(1)Section 154Section 234ASection 43(5)(d)Section 70Section 70aSection 71(2)

derivative trading is a business loss from non-speculative business which is not in dispute in view of provisions of section 43(5)(d) of the Act and the assessee in view of provisions of section 71(2) of the Act is seeking the set- off the said non-speculative

THE VARDHMAN STAMPINGS PVT. LTD.,,AHMEDABAD vs. THE ASSTT. COMMISSIONER OF INCOME TAX, CIRCLE-4(1)(2),, AHMEDABAD

In the result, both the appeals of the assessee are allowed

ITA 363/AHD/2020[2015-16]Status: DisposedITAT Ahmedabad16 Jan 2025AY 2015-16
Section 263Section 43(5)Section 73

nspeculative transaction. Further, an 'eligible transaction' for this purpose would be\none that fulfils the conditions laid down in Explanation to section 43(5)(d). Any loss\nin a speculative transaction can be set off only against profit from speculative\ntransactions.\nAs the revenue implications of such transaction are large ... loss on a forex-derivatives included in the Profit and\nLoss Account and examine whether such transactions are 'eligible transaction' in\nterms of section 43(5)(d). An adjustment to the taxable income may therefore be\nmade, if necessary, keeping in view the provisions of law referred to above.\"\n3.1

THE VARDHMAN STAMPINGS PVT. LTD.,,AHMEDABAD vs. THE ASSTT. COMMISSIONER OF INCOME TAX, CIRCLE-4(1)(2),, AHMEDABAD

In the result, both the appeals of the assessee are allowed

ITA 362/AHD/2020[2014-15]Status: DisposedITAT Ahmedabad16 Jan 2025AY 2014-15
Section 263Section 43(5)Section 73

nspeculative transaction. Further, an 'eligible transaction' for this purpose would be\none that fulfils the conditions laid down in Explanation to section 43(5)(d). Any loss\nin a speculative transaction can be set off only against profit from speculative\ntransactions.\nAs the revenue implications of such transaction are large ... loss on a forex-derivatives included in the Profit and\nLoss Account and examine whether such transactions are 'eligible transaction' in\nterms of section 43(5)(d). An adjustment to the taxable income may therefore be\nmade, if necessary, keeping in view the provisions of law referred to above.\"\n3.1

MANOJ KUMAR PANDEY,KATNI vs. INCOME TAX OFFICER -3, KATNI

In the result, the appeal of the assessee is allowed for statistical purposes

ITA 122/JAB/2023[2009-10]Status: HeardITAT Jabalpur08 Jan 2025AY 2009-10

Bench: Shri Kul Bharatassessment Year: 2009-10 Manoj Kumar Pandey V. Ito-3, Katni Diamond English Medium Income Tax Officer, Higher Secondary School, Jabalpur Road, Katni- Madhav Nagar, Katni-483504. 483501. Pan:Amtpp9385Q (Appellant) (Respondent) Appellant By: Shri Rahul Bardia, C.A. Respondent By: Shri Bharat Sheogankar, Sr. Cit(Dr) Date Of Hearing: 07 01 2025 Date Of Pronouncement: 08 01 2025 O R D E R

For Appellant: Shri Rahul Bardia, C.AFor Respondent: Shri Bharat Sheogankar, Sr. CIT(DR)
Section 147Section 148Section 151

No.1, 2 and 3, it is submitted that the F&O loss of Rs 9,31,839/- is non-speculative by virtue of section 43(5)(d) of the Income tax Act. During the assessment, the assessee submitted all proof in form of contract notes and transaction details for loss

SUNIL CHABLANI,AJMER, RAJASTHAN vs. CIRCLE (INTL TAX), JAIPUR, JAIPUR, RAJASTHAN

ITA 68/JPR/2024[2018-19]Status: DisposedITAT Jaipur22 Jul 2024AY 2018-19
For Appellant: Shri Mahendra Gargieya &For Respondent: \nShri Anil Dhaka (CIT-DR)
Section 144Section 144CSection 144C(5)Section 147Section 148Section 234A

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TITAN COMPANY LIMITED 9EARSTWHILE KNOWN AS TITAN INDUSTRIES LIMITED),KRISHNAGIRI vs. ACIT LTU 1, CHENNAI

In the result, the appeals filed by the assessee in ITA Nos

ITA 518/CHNY/2018[2009-10]Status: DisposedITAT Chennai29 May 2024AY 2009-10

Bench: Shri Mahavir Singhand Shri Amitabh Shukla

For Appellant: Shri T. Surya Narayana, AdvocateFor Respondent: Shri A. Sasikumar, CIT
Section 143(3)

considered on revenue account, the same are unascertained liability. Therefore, he held that this being speculative loss, is covered by the provisions of section 43(5)(d) of the Act and hence, not allowable. Accordingly, the AO disallowed the marked to market loss claimed by assessee at Rs.2

TITAN COMPANY LIMITED 9EARSTWHILE KNOWN AS TITAN INDUSTRIES LIMITED),KRISHNAGIRI vs. ACIT LTU 1, CHENNAI

In the result, the appeals filed by the assessee in ITA Nos

ITA 507/CHNY/2018[2012-13]Status: DisposedITAT Chennai29 May 2024AY 2012-13

Bench: Shri Mahavir Singhand Shri Amitabh Shukla

For Appellant: Shri T. Surya Narayana, AdvocateFor Respondent: Shri A. Sasikumar, CIT
Section 143(3)

considered on revenue account, the same are unascertained liability. Therefore, he held that this being speculative loss, is covered by the provisions of section 43(5)(d) of the Act and hence, not allowable. Accordingly, the AO disallowed the marked to market loss claimed by assessee at Rs.2

TITAN COMPANY LIMITED 9EARSTWHILE KNOWN AS TITAN INDUSTRIES LIMITED),KRISHNAGIRI vs. ACIT LTU 1, CHENNAI

In the result, the appeals filed by the assessee in ITA Nos

ITA 506/CHNY/2018[2011-12]Status: DisposedITAT Chennai29 May 2024AY 2011-12

Bench: Shri Mahavir Singhand Shri Amitabh Shukla

For Appellant: Shri T. Surya Narayana, AdvocateFor Respondent: Shri A. Sasikumar, CIT
Section 143(3)

considered on revenue account, the same are unascertained liability. Therefore, he held that this being speculative loss, is covered by the provisions of section 43(5)(d) of the Act and hence, not allowable. Accordingly, the AO disallowed the marked to market loss claimed by assessee at Rs.2

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