https://www.taxtmi.com/caselaws?id=180392 Receipts from a commercial contract for supplying water from an assessee's tank and channel to the Defence department were held not to be agricultural income because they were not rent or revenue derived directly from land used for agricultural purposes, but proceeds of a sale of water as a commodity. Losses from forward contracts in groundnut oil and cottonseed oil, settled otherwise than by delivery, were treated as speculative losses because the transactions were speculative and outside the hedging exception; under the statutory fiction, they constituted a separate speculation business and could not be set off against non-speculative profits. en-us Thu, 17 Jul 1980 00:00:00 +0530 Tue, 22 Mar 2016 17:52:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180392 Receipts from a commercial contract for supplying water from an assessee's tank and channel to the Defence department were held not to be agricultural income because they were not rent or revenue derived directly from land used for agricultural purposes, but proceeds of a sale of water as a commodity. Losses from forward contracts in groundnut oil and cottonseed oil, settled otherwise than by delivery, were treated as speculative losses because the transactions were speculative and outside the hedging exception; under the statutory fiction, they constituted a separate speculation business and could not be set off against non-speculative profits. Case-Laws Income Tax Thu, 17 Jul 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180392