https://www.taxtmi.com/caselaws?id=39296 The court held that the assessee's losses from speculative transactions through forward contracts for commodities were not eligible to be set off against non-speculative profits. The Income-tax Appellate Tribunal determined that the contracts lacked actual delivery of goods, rendering them speculative under section 43(5) of the Income-tax Act, 1961. The court emphasized that proviso clause (a) exempts transactions involving actual delivery contracts to hedge against price fluctuations, which the assessee's contracts did not meet. Relying on precedents, the court ruled in favor of the department, requiring the assessee to bear the costs. en-us Fri, 11 Jan 1974 00:00:00 +0530 Thu, 15 Apr 2010 12:48:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39296 The court held that the assessee's losses from speculative transactions through forward contracts for commodities were not eligible to be set off against non-speculative profits. The Income-tax Appellate Tribunal determined that the contracts lacked actual delivery of goods, rendering them speculative under section 43(5) of the Income-tax Act, 1961. The court emphasized that proviso clause (a) exempts transactions involving actual delivery contracts to hedge against price fluctuations, which the assessee's contracts did not meet. Relying on precedents, the court ruled in favor of the department, requiring the assessee to bear the costs. Case-Laws Income Tax Fri, 11 Jan 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39296