https://www.taxtmi.com/caselaws?id=28265 The court ruled against the assessee, holding that the loss from unfulfilled contracts could not be set off against profits from regular business unless proven to be speculative transactions forming a separate business. The court emphasized that speculative transactions need not be connected by a common thread to be considered a separate business. The Tribunal was directed to assess the applicability of Circular No. 23 (XXXIX) D of 1960 before issuing final orders, with no costs awarded. en-us Wed, 19 Jan 1983 00:00:00 +0530 Sat, 20 Feb 2010 10:56:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28265 The court ruled against the assessee, holding that the loss from unfulfilled contracts could not be set off against profits from regular business unless proven to be speculative transactions forming a separate business. The court emphasized that speculative transactions need not be connected by a common thread to be considered a separate business. The Tribunal was directed to assess the applicability of Circular No. 23 (XXXIX) D of 1960 before issuing final orders, with no costs awarded. Case-Laws Income Tax Wed, 19 Jan 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28265