https://www.taxtmi.com/caselaws?id=37369 The High Court of Bombay ruled that the profit of Rs. 38,060 earned by an assessee-firm from a transaction involving actual delivery of shares was not considered a profit from speculative transactions under section 43(5) of the Income-tax Act, 1961. The court emphasized that when actual delivery of shares occurs, a transaction that might otherwise be speculative does not fall under the definition of speculative transactions. Therefore, the court held against the assessee, stating that the profit could not be set off against losses from speculation business, and directed the assessee to pay the costs of the reference. en-us Wed, 07 Feb 1979 00:00:00 +0530 Mon, 29 Mar 2010 12:44:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37369 The High Court of Bombay ruled that the profit of Rs. 38,060 earned by an assessee-firm from a transaction involving actual delivery of shares was not considered a profit from speculative transactions under section 43(5) of the Income-tax Act, 1961. The court emphasized that when actual delivery of shares occurs, a transaction that might otherwise be speculative does not fall under the definition of speculative transactions. Therefore, the court held against the assessee, stating that the profit could not be set off against losses from speculation business, and directed the assessee to pay the costs of the reference. Case-Laws Income Tax Wed, 07 Feb 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37369