https://www.taxtmi.com/caselaws?id=38202 The court held that the transaction was speculative under section 43(5) of the Income-tax Act due to the lack of actual delivery of the commodity. However, it determined that the transaction did not constitute a speculative business as there was only one isolated instance, not forming a business. The court ruled in favor of the revenue on the speculative transaction issue but against them on the speculative business aspect. The references were answered accordingly, with specified costs and advocate's fees. en-us Wed, 01 Feb 1978 00:00:00 +0530 Sat, 03 Apr 2010 17:20:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38202 The court held that the transaction was speculative under section 43(5) of the Income-tax Act due to the lack of actual delivery of the commodity. However, it determined that the transaction did not constitute a speculative business as there was only one isolated instance, not forming a business. The court ruled in favor of the revenue on the speculative transaction issue but against them on the speculative business aspect. The references were answered accordingly, with specified costs and advocate's fees. Case-Laws Income Tax Wed, 01 Feb 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38202