https://www.taxtmi.com/caselaws?id=19210 The High Court ruled in favor of the partnership firm, determining that the loss incurred in bardan contracts was a hedging business loss and not a speculation loss. The Court relied on the clarification provided by the Central Board of Direct Taxes, stating that genuine hedging transactions in connected commodities should not be treated as speculative. The quality of bardan specified in the hedging contracts aligned with the standard form prescribed by the East India Jute and Hessian Exchange Ltd. Consequently, the Court concluded that the firm's transaction was intended as a hedging contract, leading to a favorable outcome for the assessee. en-us Thu, 09 Feb 1995 00:00:00 +0530 Wed, 04 Nov 2009 16:25:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19210 The High Court ruled in favor of the partnership firm, determining that the loss incurred in bardan contracts was a hedging business loss and not a speculation loss. The Court relied on the clarification provided by the Central Board of Direct Taxes, stating that genuine hedging transactions in connected commodities should not be treated as speculative. The quality of bardan specified in the hedging contracts aligned with the standard form prescribed by the East India Jute and Hessian Exchange Ltd. Consequently, the Court concluded that the firm's transaction was intended as a hedging contract, leading to a favorable outcome for the assessee. Case-Laws Income Tax Thu, 09 Feb 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19210