Value of taxable commodities transaction
[Value of taxable commodities transaction.
118. The value of taxable commodities transaction referred to in section 117,—
| (a) | in the case of a taxable commodities transaction relating to a [commodity derivative or commodity derivative based on prices or indices of prices of commodity derivatives], shall be the price at which the [commodity derivative or commodity derivative based on prices or indices of prices of commodity derivatives] is traded; | |
| (b) | in the case of a taxable commodities transaction relating to an option on commodity derivative, [or option in goods] shall be— |
| (i) | the option premium, in respect of transaction at [serial numbers 3 and 4] of the Table in section 117; | |
| (ii) | the settlement price, in respect of transaction at [serial numbers 5 and 6] of the Table in section 117.] | |
| [(iii) | the difference between the settlement price and the strike price, in respect of transaction at serial number 7 of the Table in section 117.] |