https://www.taxtmi.com/caselaws?id=8192 Letters of renunciation, being the shareholder's right to renounce allotment in favour of another person, may be traded but are neither shares nor commodities within the relevant definition. As transactions in such letters do not constitute dealings in shares or commodities, they are not speculative transactions. On that basis, the loss arising from dealings in letters of renunciation was treated as a business loss and allowed as a deduction. en-us Wed, 14 May 1969 00:00:00 +0530 Thu, 02 Apr 2009 17:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8192 Letters of renunciation, being the shareholder's right to renounce allotment in favour of another person, may be traded but are neither shares nor commodities within the relevant definition. As transactions in such letters do not constitute dealings in shares or commodities, they are not speculative transactions. On that basis, the loss arising from dealings in letters of renunciation was treated as a business loss and allowed as a deduction. Case-Laws Income Tax Wed, 14 May 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8192