https://www.taxtmi.com/caselaws?id=36047 The High Court ruled against the assessee, determining that the loss incurred in a transaction with M/s. Rallis India Ltd. constituted a speculative transaction and amounted to a speculation business under section 73(1) of the Income Tax Act, 1961. As a result, the set-off of the Rs. 13,500 loss against other business income was disallowed. The case was referred back to the Tribunal for further examination on whether the transaction met the criteria for a speculative transaction. No costs were awarded in the reference. en-us Wed, 20 Aug 1980 00:00:00 +0530 Fri, 19 Mar 2010 10:52:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36047 The High Court ruled against the assessee, determining that the loss incurred in a transaction with M/s. Rallis India Ltd. constituted a speculative transaction and amounted to a speculation business under section 73(1) of the Income Tax Act, 1961. As a result, the set-off of the Rs. 13,500 loss against other business income was disallowed. The case was referred back to the Tribunal for further examination on whether the transaction met the criteria for a speculative transaction. No costs were awarded in the reference. Case-Laws Income Tax Wed, 20 Aug 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36047