https://www.taxtmi.com/caselaws?id=9196 The court upheld the Income-tax Officer's classification of losses from contracts as speculative business losses due to the absence of actual delivery, despite market fluctuations being the reason for price differences. The court determined that settlements without actual delivery are speculative transactions, regardless of breach. The disallowance of Rs. 7,750 as per the Income-tax Act was upheld, considering the losses from speculative transactions as distinct from regular business income. The court ruled against the assessee, awarding costs and setting counsel's fee at Rs. 250. en-us Tue, 20 Mar 1973 00:00:00 +0530 Sat, 20 Jun 2009 11:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9196 The court upheld the Income-tax Officer's classification of losses from contracts as speculative business losses due to the absence of actual delivery, despite market fluctuations being the reason for price differences. The court determined that settlements without actual delivery are speculative transactions, regardless of breach. The disallowance of Rs. 7,750 as per the Income-tax Act was upheld, considering the losses from speculative transactions as distinct from regular business income. The court ruled against the assessee, awarding costs and setting counsel's fee at Rs. 250. Case-Laws Income Tax Tue, 20 Mar 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9196