https://www.taxtmi.com/caselaws?id=39199 The High Court of Allahabad considered whether certain transactions were hedging contracts or speculative transactions. The Court found that the assessee's conduct did not amount to an admission or unqualified withdrawal of objections, rejecting the application of estoppel. Consequently, the Court ruled in favor of the assessee, permitting the set-off for losses from speculative transactions against income from other business activities. The revenue was ordered to pay costs of Rs. 200 to the assessee. en-us Fri, 13 Feb 1976 00:00:00 +0530 Tue, 13 Apr 2010 16:21:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39199 The High Court of Allahabad considered whether certain transactions were hedging contracts or speculative transactions. The Court found that the assessee's conduct did not amount to an admission or unqualified withdrawal of objections, rejecting the application of estoppel. Consequently, the Court ruled in favor of the assessee, permitting the set-off for losses from speculative transactions against income from other business activities. The revenue was ordered to pay costs of Rs. 200 to the assessee. Case-Laws Income Tax Fri, 13 Feb 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39199