https://www.taxtmi.com/caselaws?id=8444 Loss arising from settlement of purchase contracts without actual delivery was treated as speculation loss because a commodity contract settled otherwise than by delivery falls within the statutory definition of a speculative transaction. The character of the loss depended on the mode of settlement, not on the label assigned by the assessee. That speculation loss could not be set off against profits of non-speculative business, as speculative losses were not admissible for adjustment against ordinary business profits under the governing income-tax provision. en-us Thu, 04 Mar 1971 00:00:00 +0530 Wed, 15 Apr 2009 11:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8444 Loss arising from settlement of purchase contracts without actual delivery was treated as speculation loss because a commodity contract settled otherwise than by delivery falls within the statutory definition of a speculative transaction. The character of the loss depended on the mode of settlement, not on the label assigned by the assessee. That speculation loss could not be set off against profits of non-speculative business, as speculative losses were not admissible for adjustment against ordinary business profits under the governing income-tax provision. Case-Laws Income Tax Thu, 04 Mar 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8444