https://www.taxtmi.com/caselaws?id=6627 Transactions settled by exchange of pucca delivery orders, without actual delivery or appropriation of goods between the contracting parties, fall within the statutory meaning of speculative transactions under Explanation 2 to section 24(1) of the Income-tax Act, 1922. Mere transfer of delivery orders or symbolical delivery does not amount to actual delivery for tax classification, even if the arrangement is customary in trade or may not amount to a wagering contract under the Sale of Goods Act. Where the assessee's own contracts are settled otherwise than by real delivery, the resulting loss is treated as speculative and cannot be set off against ordinary business income. en-us Tue, 06 Apr 1965 00:00:00 +0530 Tue, 27 Jan 2009 17:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6627 Transactions settled by exchange of pucca delivery orders, without actual delivery or appropriation of goods between the contracting parties, fall within the statutory meaning of speculative transactions under Explanation 2 to section 24(1) of the Income-tax Act, 1922. Mere transfer of delivery orders or symbolical delivery does not amount to actual delivery for tax classification, even if the arrangement is customary in trade or may not amount to a wagering contract under the Sale of Goods Act. Where the assessee's own contracts are settled otherwise than by real delivery, the resulting loss is treated as speculative and cannot be set off against ordinary business income. Case-Laws Income Tax Tue, 06 Apr 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6627