https://www.taxtmi.com/caselaws?id=21359 A speculative transaction settled otherwise than by actual delivery is treated as speculation under section 43(5) if the underlying activity amounts to business under section 2(13). Explanation 2 to section 28 does not require repeated dealings for speculation business, and even a single transaction may qualify where it has the character of a trading adventure. On the facts, the share dealings were found to be a business venture carried on without delivery, and the asserted loss was not proved to be genuine damages for breach of contract. The resulting loss was therefore characterised as speculative rather than an ordinary business loss. en-us Thu, 11 Jan 1990 00:00:00 +0530 Sat, 21 Nov 2009 17:32:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21359 A speculative transaction settled otherwise than by actual delivery is treated as speculation under section 43(5) if the underlying activity amounts to business under section 2(13). Explanation 2 to section 28 does not require repeated dealings for speculation business, and even a single transaction may qualify where it has the character of a trading adventure. On the facts, the share dealings were found to be a business venture carried on without delivery, and the asserted loss was not proved to be genuine damages for breach of contract. The resulting loss was therefore characterised as speculative rather than an ordinary business loss. Case-Laws Income Tax Thu, 11 Jan 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21359