https://www.taxtmi.com/caselaws?id=21180 The High Court of Bombay ruled in favor of the assessee, determining that the losses in the 'hessian hedge account' and 'gunny hedge account' were business losses and not speculation losses. The Court upheld the findings of the Tribunal, emphasizing the applicability of proviso (a) to section 43(5) to merchanting businesses as well, not restricted to manufacturers only. This decision provides clarity on the treatment of such losses in the context of business activities, ensuring compliance with the relevant provisions of the Income-tax Act, 1961. en-us Fri, 13 Nov 1992 00:00:00 +0530 Fri, 20 Nov 2009 15:54:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21180 The High Court of Bombay ruled in favor of the assessee, determining that the losses in the 'hessian hedge account' and 'gunny hedge account' were business losses and not speculation losses. The Court upheld the findings of the Tribunal, emphasizing the applicability of proviso (a) to section 43(5) to merchanting businesses as well, not restricted to manufacturers only. This decision provides clarity on the treatment of such losses in the context of business activities, ensuring compliance with the relevant provisions of the Income-tax Act, 1961. Case-Laws Income Tax Fri, 13 Nov 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21180