https://www.taxtmi.com/caselaws?id=38643 The case involved the interpretation of deductible loss under section 256(1) of the Income-tax Act, 1961 for compensation paid for non-delivery of goods under contracts. The Court held that the payment made by the assessee for non-delivery of goods was not a speculative transaction but a settlement of damages for breach of contract. Relying on precedents, the Court allowed the deduction claimed by the assessee for the compensation paid. Each party was directed to bear its own costs. Justice Pyne concurred with the decision and reasoning of the Court. en-us Wed, 09 Oct 1974 00:00:00 +0530 Wed, 07 Apr 2010 18:10:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38643 The case involved the interpretation of deductible loss under section 256(1) of the Income-tax Act, 1961 for compensation paid for non-delivery of goods under contracts. The Court held that the payment made by the assessee for non-delivery of goods was not a speculative transaction but a settlement of damages for breach of contract. Relying on precedents, the Court allowed the deduction claimed by the assessee for the compensation paid. Each party was directed to bear its own costs. Justice Pyne concurred with the decision and reasoning of the Court. Case-Laws Income Tax Wed, 09 Oct 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38643