https://www.taxtmi.com/caselaws?id=118594 A payment made to settle a dispute arising from breach of a commercial underwriting obligation was treated as a business loss and not as a speculative transaction or prohibited expenditure, because it flowed from non-performance of a regular business contract. A notional diminution in the value of devolved securities, based only on valuation and not on any actual trading transaction, was held outside the speculative loss provisions but was still not deductible as a loss. A general ad hoc disallowance of expenses for want of vouchers was sent back for fresh verification after the assessee was given an opportunity to produce evidence. en-us Mon, 28 Nov 2005 00:00:00 +0530 Wed, 04 Jul 2012 13:45:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=118594 A payment made to settle a dispute arising from breach of a commercial underwriting obligation was treated as a business loss and not as a speculative transaction or prohibited expenditure, because it flowed from non-performance of a regular business contract. A notional diminution in the value of devolved securities, based only on valuation and not on any actual trading transaction, was held outside the speculative loss provisions but was still not deductible as a loss. A general ad hoc disallowance of expenses for want of vouchers was sent back for fresh verification after the assessee was given an opportunity to produce evidence. Case-Laws Income Tax Mon, 28 Nov 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=118594