https://www.taxtmi.com/caselaws?id=763235 Loss arising from high seas sale transactions was held to be business loss, not speculation loss under section 43(5), because the commodity transactions were not settled otherwise than by delivery. The goods were purchased on high seas, the bill of lading and other title documents were endorsed and transferred, and delivery was contemplated and effected through those documents before ultimate physical delivery to the final buyer after customs compliance. Applying the Sale of Goods Act, the transfer of documents of title constituted delivery in law, so the essential requirement of a speculative transaction was not met. The assessee therefore succeeded on this issue. en-us Thu, 12 Dec 2024 00:00:00 +0530 Mon, 16 Dec 2024 08:44:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763235 Loss arising from high seas sale transactions was held to be business loss, not speculation loss under section 43(5), because the commodity transactions were not settled otherwise than by delivery. The goods were purchased on high seas, the bill of lading and other title documents were endorsed and transferred, and delivery was contemplated and effected through those documents before ultimate physical delivery to the final buyer after customs compliance. Applying the Sale of Goods Act, the transfer of documents of title constituted delivery in law, so the essential requirement of a speculative transaction was not met. The assessee therefore succeeded on this issue. Case-Laws Income Tax Thu, 12 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763235