https://www.taxtmi.com/caselaws?id=7501 Transactions concluded without actual delivery of the commodity, even where pucca delivery orders were exchanged or differences were paid, fall within the statutory definition of speculative transactions under Explanation 2 to section 24(1) of the Income-tax Act, 1922. The court held that delivery of delivery orders is not actual delivery of goods, and that a contract is "settled" when it is determined or concluded, not only when replaced by a fresh agreement. On the facts, the assessee's contracts were discharged without real transfer of the commodity, so the resulting loss was speculation loss and not an allowable business loss. en-us Fri, 01 Sep 1967 00:00:00 +0530 Fri, 20 Feb 2009 18:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7501 Transactions concluded without actual delivery of the commodity, even where pucca delivery orders were exchanged or differences were paid, fall within the statutory definition of speculative transactions under Explanation 2 to section 24(1) of the Income-tax Act, 1922. The court held that delivery of delivery orders is not actual delivery of goods, and that a contract is "settled" when it is determined or concluded, not only when replaced by a fresh agreement. On the facts, the assessee's contracts were discharged without real transfer of the commodity, so the resulting loss was speculation loss and not an allowable business loss. Case-Laws Income Tax Fri, 01 Sep 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7501