https://www.taxtmi.com/caselaws?id=25140 Forward sale contracts settled otherwise than by actual delivery fall within the statutory definition of speculative transaction under the income-tax provisions unless they squarely qualify for the hedging exception. The Tribunal's finding that the contracts were not entered into to guard against price fluctuations, but because the assessee had shifted production and could not perform the earlier sales, was a finding of fact. As that finding was unchallenged and not shown to be perverse, the High Court could not reappraise it in reference proceedings, and the loss was correctly treated as speculative. en-us Thu, 20 Aug 1987 00:00:00 +0530 Mon, 25 Jan 2010 16:05:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25140 Forward sale contracts settled otherwise than by actual delivery fall within the statutory definition of speculative transaction under the income-tax provisions unless they squarely qualify for the hedging exception. The Tribunal's finding that the contracts were not entered into to guard against price fluctuations, but because the assessee had shifted production and could not perform the earlier sales, was a finding of fact. As that finding was unchallenged and not shown to be perverse, the High Court could not reappraise it in reference proceedings, and the loss was correctly treated as speculative. Case-Laws Income Tax Thu, 20 Aug 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25140