The Indian Income Tax Appellate Tribunal (ITAT) issued its decision on 5 December 2012 in the case of Platinum Investment Management A/c.-Platinum International Fund v. DDIT(ITA No. 3598/Mum/2010) that the income or loss from derivative transactions, in the hands of Foreign Institutional Investors (FII), would be regarded as capital gains and not as business income under the Indian Inco…