https://www.taxtmi.com/caselaws?id=18425 The court upheld the Tribunal's decision to disallow the claimed loss on the purchase and sale of cotton bales as speculative and not eligible for set-off against other income. The court emphasized the necessity of actual delivery in distinguishing speculative transactions, ruling in favor of the Revenue and against the assessee. The judgment clarified the restrictions on offsetting speculative losses with other income, citing Section 43(5) of the Income Tax Act. en-us Mon, 29 Apr 1996 00:00:00 +0530 Wed, 30 Sep 2009 18:11:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18425 The court upheld the Tribunal's decision to disallow the claimed loss on the purchase and sale of cotton bales as speculative and not eligible for set-off against other income. The court emphasized the necessity of actual delivery in distinguishing speculative transactions, ruling in favor of the Revenue and against the assessee. The judgment clarified the restrictions on offsetting speculative losses with other income, citing Section 43(5) of the Income Tax Act. Case-Laws Income Tax Mon, 29 Apr 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18425