https://www.taxtmi.com/caselaws?id=36317 The High Court upheld the Tribunal's decision that the sale proceeds of loom hours were revenue receipts, not capital gains. The Court determined that transactions in jute goods backed by pucca delivery orders without actual delivery were not speculative under the Income-tax Act, emphasizing the necessity of actual delivery for a transaction to be non-speculative. Citing relevant Supreme Court cases, the Court concluded that the transactions in question were speculative due to the lack of actual delivery, ruling in favor of the revenue authorities. en-us Mon, 04 Aug 1980 00:00:00 +0530 Sat, 20 Mar 2010 16:18:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36317 The High Court upheld the Tribunal's decision that the sale proceeds of loom hours were revenue receipts, not capital gains. The Court determined that transactions in jute goods backed by pucca delivery orders without actual delivery were not speculative under the Income-tax Act, emphasizing the necessity of actual delivery for a transaction to be non-speculative. Citing relevant Supreme Court cases, the Court concluded that the transactions in question were speculative due to the lack of actual delivery, ruling in favor of the revenue authorities. Case-Laws Income Tax Mon, 04 Aug 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36317