https://www.taxtmi.com/caselaws?id=39056 The High Court of Calcutta ruled in favor of the assessee, allowing the deduction for damages paid due to breach of contract. The Court rejected the revenue's argument that the loss was speculative, emphasizing the distinction between speculative transactions and settlements arising from breach of contract. Justice Dipak Kumar Sen supported the decision, stating that the contract did not meet the criteria for a speculative transaction. The Court upheld the Tribunal's decision and directed the parties to bear their own costs. en-us Tue, 11 May 1976 00:00:00 +0530 Mon, 12 Apr 2010 12:23:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39056 The High Court of Calcutta ruled in favor of the assessee, allowing the deduction for damages paid due to breach of contract. The Court rejected the revenue's argument that the loss was speculative, emphasizing the distinction between speculative transactions and settlements arising from breach of contract. Justice Dipak Kumar Sen supported the decision, stating that the contract did not meet the criteria for a speculative transaction. The Court upheld the Tribunal's decision and directed the parties to bear their own costs. Case-Laws Income Tax Tue, 11 May 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39056