https://www.taxtmi.com/caselaws?id=117111 Actual delivery through an authorised clearing and forwarding agent was treated as sufficient where the purchase price was paid by cheque, the goods were identified by quantity and source, and delivery, loading and transport were supported by records. On that basis, the moong transaction was not treated as speculative under section 43(5), and the trading loss was allowable. The text also notes that even if the transaction were assumed to be speculative, a solitary isolated transaction would not by itself amount to a speculation business. Accordingly, the loss could not be denied on that alternative footing, and set-off against non-speculative business profits remained permissible. en-us Tue, 04 Feb 2003 00:00:00 +0530 Wed, 20 Jun 2012 14:15:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=117111 Actual delivery through an authorised clearing and forwarding agent was treated as sufficient where the purchase price was paid by cheque, the goods were identified by quantity and source, and delivery, loading and transport were supported by records. On that basis, the moong transaction was not treated as speculative under section 43(5), and the trading loss was allowable. The text also notes that even if the transaction were assumed to be speculative, a solitary isolated transaction would not by itself amount to a speculation business. Accordingly, the loss could not be denied on that alternative footing, and set-off against non-speculative business profits remained permissible. Case-Laws Income Tax Tue, 04 Feb 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=117111