https://www.taxtmi.com/caselaws?id=5218 Transactions settled only by delivery orders and cheques, without evidence of actual delivery of goods to the assessee or onward purchasers, fall within Explanation 2 to Section 24(1) of the Indian Income-tax Act, 1922 as speculative transactions. On that basis, the resulting loss is not an allowable set-off under Section 24(1). The Court's reasoning turned on the absence of actual delivery, which was sufficient to characterise the dealings as speculative and support Revenue's position. en-us Wed, 10 Oct 1979 00:00:00 +0530 Fri, 21 Nov 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5218 Transactions settled only by delivery orders and cheques, without evidence of actual delivery of goods to the assessee or onward purchasers, fall within Explanation 2 to Section 24(1) of the Indian Income-tax Act, 1922 as speculative transactions. On that basis, the resulting loss is not an allowable set-off under Section 24(1). The Court's reasoning turned on the absence of actual delivery, which was sufficient to characterise the dealings as speculative and support Revenue's position. Case-Laws Income Tax Wed, 10 Oct 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5218