https://www.taxtmi.com/caselaws?id=37140 A departmental circular granting relief for losses on forward sales of bullion was applied only to bona fide hedging transactions entered into to protect stock on hand. Relief was confined to the extent of the assessee's raw materials or merchandise in hand, and losses arising from forward sales exceeding that stock remained speculative and outside the circular. The broader statutory construction question under the Indian Income-tax Act, 1922 was not answered because the claim was advanced on the circular's binding effect. The allowable portion of the loss was therefore to be worked out on a stock-supported basis. en-us Thu, 25 Jan 1979 00:00:00 +0530 Fri, 26 Mar 2010 17:06:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37140 A departmental circular granting relief for losses on forward sales of bullion was applied only to bona fide hedging transactions entered into to protect stock on hand. Relief was confined to the extent of the assessee's raw materials or merchandise in hand, and losses arising from forward sales exceeding that stock remained speculative and outside the circular. The broader statutory construction question under the Indian Income-tax Act, 1922 was not answered because the claim was advanced on the circular's binding effect. The allowable portion of the loss was therefore to be worked out on a stock-supported basis. Case-Laws Income Tax Thu, 25 Jan 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37140