https://www.taxtmi.com/caselaws?id=286999 The Tribunal held that the loss resulting from a breach of contract should be classified as ordinary business loss rather than speculative loss under Section 43(5) of the Income Tax Act, 1961. Following legal precedents, including the Supreme Court's ruling in CIT vs. Shantilal (P.) Ltd., it was determined that damages for breach of contract do not align with the concept of speculative transactions. Therefore, the Tribunal upheld the Commissioner of Income Tax (Appeals)' decision, dismissing the Revenue's appeal. en-us Fri, 04 Oct 2019 00:00:00 +0530 Tue, 24 Mar 2020 10:21:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286999 The Tribunal held that the loss resulting from a breach of contract should be classified as ordinary business loss rather than speculative loss under Section 43(5) of the Income Tax Act, 1961. Following legal precedents, including the Supreme Court's ruling in CIT vs. Shantilal (P.) Ltd., it was determined that damages for breach of contract do not align with the concept of speculative transactions. Therefore, the Tribunal upheld the Commissioner of Income Tax (Appeals)' decision, dismissing the Revenue's appeal. Case-Laws Income Tax Fri, 04 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286999