https://www.taxtmi.com/caselaws?id=7500 An appeal remained maintainable because the earlier appellate order had not finally determined the character of the disputed transactions, and its observations were only explanatory. On the tax issue, contracts for sale of jute and hessian settled by transfer of pucca delivery orders, rather than physical delivery of the goods, were held to be speculative transactions under Explanation 2 to section 24(1) of the Income-tax Act, 1922. Delivery orders did not constitute actual delivery of the commodity, so the resulting loss was speculative and not an ordinary business loss. The reference was answered against the assessee on both questions. en-us Thu, 06 Jun 1968 00:00:00 +0530 Fri, 20 Feb 2009 18:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7500 An appeal remained maintainable because the earlier appellate order had not finally determined the character of the disputed transactions, and its observations were only explanatory. On the tax issue, contracts for sale of jute and hessian settled by transfer of pucca delivery orders, rather than physical delivery of the goods, were held to be speculative transactions under Explanation 2 to section 24(1) of the Income-tax Act, 1922. Delivery orders did not constitute actual delivery of the commodity, so the resulting loss was speculative and not an ordinary business loss. The reference was answered against the assessee on both questions. Case-Laws Income Tax Thu, 06 Jun 1968 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7500