https://www.taxtmi.com/caselaws?id=15923 The court ruled in favor of the assessee, determining that the sum paid for canceling contracts for the purchase of cotton did not constitute a speculation loss. The contracts were considered hedging contracts, not speculative transactions, as they were essential for securing cotton supplies for yarn manufacture, not for speculative trading. The court held that the contracts were part of the ordinary course of business and not speculative in nature, entitling the assessee to costs of Rs. 1,000. en-us Thu, 19 Feb 1998 00:00:00 +0530 Sat, 29 Aug 2009 18:32:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15923 The court ruled in favor of the assessee, determining that the sum paid for canceling contracts for the purchase of cotton did not constitute a speculation loss. The contracts were considered hedging contracts, not speculative transactions, as they were essential for securing cotton supplies for yarn manufacture, not for speculative trading. The court held that the contracts were part of the ordinary course of business and not speculative in nature, entitling the assessee to costs of Rs. 1,000. Case-Laws Income Tax Thu, 19 Feb 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15923