https://www.taxtmi.com/caselaws?id=39479 Forward commodity contracts in camphor settled by payment or receipt of price differences, without actual delivery or transfer of delivery orders, fall within the speculative-transaction definition in Explanation 2 to section 24(1). The hedging exception in proviso (a) does not apply unless the forward purchases are shown to be linked to identified forward sales and entered into to protect against price fluctuations in specified existing contracts. On the stated facts, the losses were treated as speculative losses and were not allowable for set-off against other profits. en-us Wed, 05 Sep 1973 00:00:00 +0530 Fri, 16 Apr 2010 16:47:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39479 Forward commodity contracts in camphor settled by payment or receipt of price differences, without actual delivery or transfer of delivery orders, fall within the speculative-transaction definition in Explanation 2 to section 24(1). The hedging exception in proviso (a) does not apply unless the forward purchases are shown to be linked to identified forward sales and entered into to protect against price fluctuations in specified existing contracts. On the stated facts, the losses were treated as speculative losses and were not allowable for set-off against other profits. Case-Laws Income Tax Wed, 05 Sep 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39479