https://www.taxtmi.com/caselaws?id=5219 Settlement of a commodity contract by transfer of pucca delivery orders, without physical delivery of the goods, falls within the speculative transaction definition in Explanation 2 to Section 24(1) of the Indian Income-tax Act, 1922. The provision requires actual delivery or transfer of the commodity itself, not a notional substitute. Because no actual delivery or transfer of the gunny bags occurred and the contracts were closed only through pucca delivery orders, the resulting loss was treated as speculative and not allowable as an ordinary business loss. en-us Wed, 10 Oct 1979 00:00:00 +0530 Mon, 15 Sep 2025 18:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5219 Settlement of a commodity contract by transfer of pucca delivery orders, without physical delivery of the goods, falls within the speculative transaction definition in Explanation 2 to Section 24(1) of the Indian Income-tax Act, 1922. The provision requires actual delivery or transfer of the commodity itself, not a notional substitute. Because no actual delivery or transfer of the gunny bags occurred and the contracts were closed only through pucca delivery orders, the resulting loss was treated as speculative and not allowable as an ordinary business loss. Case-Laws Income Tax Wed, 10 Oct 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5219