https://www.taxtmi.com/caselaws?id=19931 The High Court ruled in favor of the assessee, allowing the set off of the loss against the profit from non-speculative business. The court held that the canceled transaction did not qualify as a speculative transaction under section 43(5) of the Income-tax Act. Consequently, the court answered question No. 2 in the affirmative, granting relief to the assessee. The first question was deemed unnecessary due to the findings on the second question, remaining unanswered. The reference was disposed of without costs awarded. en-us Wed, 13 Oct 1993 00:00:00 +0530 Tue, 10 Nov 2009 16:46:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19931 The High Court ruled in favor of the assessee, allowing the set off of the loss against the profit from non-speculative business. The court held that the canceled transaction did not qualify as a speculative transaction under section 43(5) of the Income-tax Act. Consequently, the court answered question No. 2 in the affirmative, granting relief to the assessee. The first question was deemed unnecessary due to the findings on the second question, remaining unanswered. The reference was disposed of without costs awarded. Case-Laws Income Tax Wed, 13 Oct 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19931