New Delhi, Sept. 9 -- A Mathura-based taxpayer who earned Rs.8.64 crore from his real estate trading business and incurred a loss of around Rs.34 lakh from futures and options (F&O) trading in the stock market has won a significant tax dispute before the Income Tax Appellate Tribunal (ITAT), Delhi.

While filing his income tax return (ITR), the taxpayer reported the F&O loss as a business loss. The Income Tax Assessing Officer (AO), however, treated the entire loss as speculative and denied its set-off against the taxpayer's regular business income.

The AO invoked the Explanation to Section 73 of the Income Tax Act and relied on the Delhi High Court's judgment in CIT v. DLF Commercial Developers Ltd. to support the assessment.

AO also d...