https://www.taxtmi.com/caselaws?id=470794 Forward coriander-sale contract losses were disallowed as non-genuine business losses because related-party arrangements lacked advances, settlement payments, delivery, broker or exchange involvement, and a verifiable money trail, with entries ultimately adjusted through journals. Applying burden of proof, surrounding circumstances, preponderance of probabilities and human-probability principles, the arrangements failed to establish commercial reality and were treated as colourable tax-avoidance devices. The speculative-loss question did not require substantive determination once the underlying transactions were rejected as sham; observations on speculative character and set-off restrictions were not an independent basis for the disallowance. en-us Tue, 22 Aug 2023 00:00:00 +0530 Mon, 10 Aug 2026 10:16:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470794 Forward coriander-sale contract losses were disallowed as non-genuine business losses because related-party arrangements lacked advances, settlement payments, delivery, broker or exchange involvement, and a verifiable money trail, with entries ultimately adjusted through journals. Applying burden of proof, surrounding circumstances, preponderance of probabilities and human-probability principles, the arrangements failed to establish commercial reality and were treated as colourable tax-avoidance devices. The speculative-loss question did not require substantive determination once the underlying transactions were rejected as sham; observations on speculative character and set-off restrictions were not an independent basis for the disallowance. Case-Laws Income Tax Tue, 22 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470794