https://www.taxtmi.com/caselaws?id=39216 Loss from trading in hessian cloth was treated as a speculation loss because the alleged purchase and sale had not matured into completed transactions. No earmarking or appropriation of the 900 bales from the larger lot was proved, and the pucca delivery order related only to a general lot of 1,500 bales. In the absence of evidence of actual or constructive delivery at either stage, the dealings remained agreements to buy and sell rather than completed transfers of goods. The loss therefore fell within the statutory concept of speculation loss, and the claimed set-off was denied. en-us Fri, 27 Jun 1975 00:00:00 +0530 Tue, 13 Apr 2010 17:30:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39216 Loss from trading in hessian cloth was treated as a speculation loss because the alleged purchase and sale had not matured into completed transactions. No earmarking or appropriation of the 900 bales from the larger lot was proved, and the pucca delivery order related only to a general lot of 1,500 bales. In the absence of evidence of actual or constructive delivery at either stage, the dealings remained agreements to buy and sell rather than completed transfers of goods. The loss therefore fell within the statutory concept of speculation loss, and the claimed set-off was denied. Case-Laws Income Tax Fri, 27 Jun 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39216