https://www.taxtmi.com/caselaws?id=256361 The High Court affirmed the Tribunal's decision that losses from jobbing and arbitrage transactions are business losses, not speculative losses. The court held that these losses can be set off against other business profits, as the transactions were not deemed speculative under section 43(5) proviso (c). The court dismissed the Revenue's appeals, confirming that the Explanation to section 73 did not apply in this case. The assessee prevailed, establishing that the transactions were not speculative and allowing for the set off of losses against other business profits. en-us Tue, 02 Sep 2014 00:00:00 +0530 Tue, 10 Feb 2015 12:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=256361 The High Court affirmed the Tribunal's decision that losses from jobbing and arbitrage transactions are business losses, not speculative losses. The court held that these losses can be set off against other business profits, as the transactions were not deemed speculative under section 43(5) proviso (c). The court dismissed the Revenue's appeals, confirming that the Explanation to section 73 did not apply in this case. The assessee prevailed, establishing that the transactions were not speculative and allowing for the set off of losses against other business profits. Case-Laws Income Tax Tue, 02 Sep 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=256361