https://www.taxtmi.com/caselaws?id=23777 The court ruled that the loss claimed by the assessee was a speculative transaction under section 43(5) of the Income-tax Act, 1961. The payment made by the assessee for breach of contract did not qualify as a business expenditure, as it was considered a settlement of the contract rather than a dispute for damages. Therefore, the loss of Rs. 9,567.36 was not allowed as a business loss and should not be treated as business expenditure. The case was referred back to the Tribunal for further action, with no costs awarded. en-us Mon, 21 Aug 1989 00:00:00 +0530 Thu, 14 Jan 2010 11:52:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23777 The court ruled that the loss claimed by the assessee was a speculative transaction under section 43(5) of the Income-tax Act, 1961. The payment made by the assessee for breach of contract did not qualify as a business expenditure, as it was considered a settlement of the contract rather than a dispute for damages. Therefore, the loss of Rs. 9,567.36 was not allowed as a business loss and should not be treated as business expenditure. The case was referred back to the Tribunal for further action, with no costs awarded. Case-Laws Income Tax Mon, 21 Aug 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23777