https://www.taxtmi.com/caselaws?id=393881 The High Court dismissed the Revenue's appeal, affirming the findings of the CIT (A) and ITAT that the disputed transactions involving breach of contract and payment of damages were not speculative under Section 43(5) of the Income Tax Act, 1961. The court held that the addition of speculation loss amounting to Rs. 3,83,12,474/- was unjustified, as the compensation for breach of contract constituted a business loss, not speculative income. The court rejected the Revenue's arguments, ruling that the questions of law raised did not meet the threshold of substantial questions of law. en-us Mon, 02 Mar 2020 00:00:00 +0530 Mon, 23 Mar 2020 15:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=393881 The High Court dismissed the Revenue's appeal, affirming the findings of the CIT (A) and ITAT that the disputed transactions involving breach of contract and payment of damages were not speculative under Section 43(5) of the Income Tax Act, 1961. The court held that the addition of speculation loss amounting to Rs. 3,83,12,474/- was unjustified, as the compensation for breach of contract constituted a business loss, not speculative income. The court rejected the Revenue's arguments, ruling that the questions of law raised did not meet the threshold of substantial questions of law. Case-Laws Income Tax Mon, 02 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=393881