https://www.taxtmi.com/caselaws?id=39115 The court ruled in favor of the assessee, determining that the payment of Rs. 50,000 to Hindustan Steel Ltd. was not a speculative transaction under section 43(5) of the Income-tax Act, 1961. The court held that the transaction did not amount to "speculation business" within Explanation 2 to section 28 and, therefore, section 73(1) regarding the set-off of losses from speculation business was not applicable. The court allowed the deduction of Rs. 50,000 from the other business income of the assessee-company and ordered the Commissioner to pay the assessee's costs. en-us Thu, 11 Dec 1975 00:00:00 +0530 Tue, 13 Apr 2010 10:33:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39115 The court ruled in favor of the assessee, determining that the payment of Rs. 50,000 to Hindustan Steel Ltd. was not a speculative transaction under section 43(5) of the Income-tax Act, 1961. The court held that the transaction did not amount to "speculation business" within Explanation 2 to section 28 and, therefore, section 73(1) regarding the set-off of losses from speculation business was not applicable. The court allowed the deduction of Rs. 50,000 from the other business income of the assessee-company and ordered the Commissioner to pay the assessee's costs. Case-Laws Income Tax Thu, 11 Dec 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39115