https://www.taxtmi.com/caselaws?id=7101 Contracts are treated as non-exempt only if both the contractual rights and the relevant document of title are non-transferable throughout; here, the contracts were not non-transferable specific delivery contracts and were entered into in contravention of section 15(4), though not hit by section 15(1). A loss from unlawful business is still part of business income computation on ordinary commercial principles, because tax law looks to business profits rather than legality alone. However, where the transactions are ultimately settled otherwise than by actual delivery, the loss is speculative and set-off is confined to speculative profits under the statutory rule. en-us Thu, 03 Aug 1967 00:00:00 +0530 Tue, 10 Feb 2009 18:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7101 Contracts are treated as non-exempt only if both the contractual rights and the relevant document of title are non-transferable throughout; here, the contracts were not non-transferable specific delivery contracts and were entered into in contravention of section 15(4), though not hit by section 15(1). A loss from unlawful business is still part of business income computation on ordinary commercial principles, because tax law looks to business profits rather than legality alone. However, where the transactions are ultimately settled otherwise than by actual delivery, the loss is speculative and set-off is confined to speculative profits under the statutory rule. Case-Laws Income Tax Thu, 03 Aug 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7101