https://www.taxtmi.com/caselaws?id=7505 Transactions in jute and hessian concluded by transfer of pucca delivery orders, without actual physical delivery of the commodity, were treated as speculative transactions under Explanation 2 to the proviso to section 24(1) of the Indian Income-tax Act, 1922. The court held that a contract is settled when it ends otherwise than by performance through actual delivery, and that constructive or symbolic delivery by pucca delivery orders is not actual delivery of the goods themselves. On the facts found, the assessee's loss arose from such settlement and was therefore rightly characterised as speculation loss, with earlier authorities distinguished on their facts. en-us Tue, 18 Jun 1968 00:00:00 +0530 Fri, 20 Feb 2009 18:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7505 Transactions in jute and hessian concluded by transfer of pucca delivery orders, without actual physical delivery of the commodity, were treated as speculative transactions under Explanation 2 to the proviso to section 24(1) of the Indian Income-tax Act, 1922. The court held that a contract is settled when it ends otherwise than by performance through actual delivery, and that constructive or symbolic delivery by pucca delivery orders is not actual delivery of the goods themselves. On the facts found, the assessee's loss arose from such settlement and was therefore rightly characterised as speculation loss, with earlier authorities distinguished on their facts. Case-Laws Income Tax Tue, 18 Jun 1968 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7505