https://www.taxtmi.com/caselaws?id=28678 The High Court held that the transactions in question were not speculative under section 43(5) of the Income-tax Act, allowing the assessee to treat the amounts paid to purchasers as business losses. The court referenced various decisions supporting the view that settling claims arising from a breach does not constitute settling the contract under section 43(5). The outcome favored the assessee, ruling against the Department without costs. en-us Thu, 11 Nov 1982 00:00:00 +0530 Wed, 24 Feb 2010 17:16:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28678 The High Court held that the transactions in question were not speculative under section 43(5) of the Income-tax Act, allowing the assessee to treat the amounts paid to purchasers as business losses. The court referenced various decisions supporting the view that settling claims arising from a breach does not constitute settling the contract under section 43(5). The outcome favored the assessee, ruling against the Department without costs. Case-Laws Income Tax Thu, 11 Nov 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28678