https://www.taxtmi.com/caselaws?id=279793 The Court held that the Tribunal erred in law by treating the transactions as speculative under section 43(5) of the IT Act, 1961. The transactions resulted in actual delivery of goods to the buyer, negating the speculative nature. The business loss was allowed to be set off against regular business profits, and the orders of the Tribunal, CIT(A), and AO were set aside. The AO was directed to recompute the profits and gains of business accordingly. en-us Wed, 03 Jan 2007 00:00:00 +0530 Fri, 05 Apr 2019 12:01:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=279793 The Court held that the Tribunal erred in law by treating the transactions as speculative under section 43(5) of the IT Act, 1961. The transactions resulted in actual delivery of goods to the buyer, negating the speculative nature. The business loss was allowed to be set off against regular business profits, and the orders of the Tribunal, CIT(A), and AO were set aside. The AO was directed to recompute the profits and gains of business accordingly. Case-Laws Income Tax Wed, 03 Jan 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=279793