https://www.taxtmi.com/caselaws?id=35635 Forward contracts entered into in the course of a jute manufacturing and merchanting business to guard against price fluctuations were treated as genuine hedging transactions, not speculative transactions. The Tribunal's finding that the contracts were necessary and incidental to the business, and that their settlement produced a hedging profit rather than a speculative loss, was a supported finding of fact. As that finding was not shown to be perverse or unsupported by evidence, the statutory proviso excluding genuine hedging contracts from speculative treatment applied, and the resulting loss was eligible for set-off against other income. en-us Mon, 17 Nov 1980 00:00:00 +0530 Mon, 15 Mar 2010 16:45:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35635 Forward contracts entered into in the course of a jute manufacturing and merchanting business to guard against price fluctuations were treated as genuine hedging transactions, not speculative transactions. The Tribunal's finding that the contracts were necessary and incidental to the business, and that their settlement produced a hedging profit rather than a speculative loss, was a supported finding of fact. As that finding was not shown to be perverse or unsupported by evidence, the statutory proviso excluding genuine hedging contracts from speculative treatment applied, and the resulting loss was eligible for set-off against other income. Case-Laws Income Tax Mon, 17 Nov 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35635