https://www.taxtmi.com/caselaws?id=7353 Losses from forward contracts in gunnies and oil seeds settled otherwise than by actual delivery were speculative losses under section 24(1) of the Indian Income-tax Act, 1922. A transaction is speculative if it is settled without actual delivery or transfer, and the parties' original intention is irrelevant. Where such transactions are carried on regularly and systematically for profit, they constitute a distinct speculative business for set-off purposes. The fact that some contracts formed part of the assessee's broader trading activity did not change their speculative character. The losses were therefore correctly treated as losses in speculative business and disallowance was proper. en-us Tue, 30 Apr 1968 00:00:00 +0530 Wed, 18 Feb 2009 09:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7353 Losses from forward contracts in gunnies and oil seeds settled otherwise than by actual delivery were speculative losses under section 24(1) of the Indian Income-tax Act, 1922. A transaction is speculative if it is settled without actual delivery or transfer, and the parties' original intention is irrelevant. Where such transactions are carried on regularly and systematically for profit, they constitute a distinct speculative business for set-off purposes. The fact that some contracts formed part of the assessee's broader trading activity did not change their speculative character. The losses were therefore correctly treated as losses in speculative business and disallowance was proper. Case-Laws Income Tax Tue, 30 Apr 1968 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7353