https://www.taxtmi.com/caselaws?id=37196 A forward contract settled otherwise than by actual delivery is treated as speculative under Explanation 2 to Section 24(1) of the Indian Income-tax Act, 1922; the commercial law meaning of speculation is irrelevant. On that basis, loss from forward transactions in jute and hessian fell within the statutory definition and could not be set off against other business income. Where the assessee failed to furnish particulars, the taxing authority could reasonably apportion common expenses such as commission and brokerage between speculative and non-speculative income, and such disallowances were upheld as proper. en-us Wed, 07 Feb 1979 00:00:00 +0530 Sat, 27 Mar 2010 13:44:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37196 A forward contract settled otherwise than by actual delivery is treated as speculative under Explanation 2 to Section 24(1) of the Indian Income-tax Act, 1922; the commercial law meaning of speculation is irrelevant. On that basis, loss from forward transactions in jute and hessian fell within the statutory definition and could not be set off against other business income. Where the assessee failed to furnish particulars, the taxing authority could reasonably apportion common expenses such as commission and brokerage between speculative and non-speculative income, and such disallowances were upheld as proper. Case-Laws Income Tax Wed, 07 Feb 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37196