https://www.taxtmi.com/caselaws?id=369460 A bad debt deduction arising from commodity transactions requires verification of whether the contracts were genuinely delivery-based or, in substance, speculative transactions settled otherwise than by actual delivery. Although a debt written off in the books and arising in the course of business may satisfy the general bad debt conditions, the allowability of the claim here depended on the factual nature of the underlying exchange trades and the fate of the commodity allegedly held in warehouse custody. As the record did not adequately address that issue, the matter was remitted for fresh examination of actual delivery, transaction character, and correct quantification of the claim. en-us Tue, 16 Oct 2018 00:00:00 +0530 Sun, 28 Oct 2018 21:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=369460 A bad debt deduction arising from commodity transactions requires verification of whether the contracts were genuinely delivery-based or, in substance, speculative transactions settled otherwise than by actual delivery. Although a debt written off in the books and arising in the course of business may satisfy the general bad debt conditions, the allowability of the claim here depended on the factual nature of the underlying exchange trades and the fate of the commodity allegedly held in warehouse custody. As the record did not adequately address that issue, the matter was remitted for fresh examination of actual delivery, transaction character, and correct quantification of the claim. Case-Laws Income Tax Tue, 16 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=369460