https://www.taxtmi.com/caselaws?id=5053 Forward contracts in copra and coconut oil were treated as speculative because they were settled otherwise than by actual delivery, and the assessee failed to prove that they fell within the hedging exception for raw materials or merchandise entered into to protect against price fluctuations. The Tribunal's factual finding on speculation was supported by material and was not shown to be perverse. As the transactions were governed by the speculative loss regime, the resulting losses were not deductible as ordinary business losses under the income-tax provisions then in force. The Supreme Court therefore reversed the High Court and accepted the Revenue's position on both questions. en-us Fri, 05 May 1967 00:00:00 +0530 Tue, 18 Nov 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5053 Forward contracts in copra and coconut oil were treated as speculative because they were settled otherwise than by actual delivery, and the assessee failed to prove that they fell within the hedging exception for raw materials or merchandise entered into to protect against price fluctuations. The Tribunal's factual finding on speculation was supported by material and was not shown to be perverse. As the transactions were governed by the speculative loss regime, the resulting losses were not deductible as ordinary business losses under the income-tax provisions then in force. The Supreme Court therefore reversed the High Court and accepted the Revenue's position on both questions. Case-Laws Income Tax Fri, 05 May 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5053