https://www.taxtmi.com/caselaws?id=56343 The Tribunal upheld the decision of the Income Tax authorities, ruling that the claimed business loss was speculative in nature as there was no actual delivery or transfer of the commodity involved in the transactions. The contracts for purchasing sugar were settled without physical movement of the goods to the assessee, leading to the disallowance of the loss for set off against other income. The appeal was dismissed, affirming that symbolic or constructive delivery was insufficient to exclude the transactions from being classified as speculative under Section 43(5) of the IT Act, 1961. en-us Fri, 25 Jan 1991 00:00:00 +0530 Fri, 03 Dec 2010 11:51:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56343 The Tribunal upheld the decision of the Income Tax authorities, ruling that the claimed business loss was speculative in nature as there was no actual delivery or transfer of the commodity involved in the transactions. The contracts for purchasing sugar were settled without physical movement of the goods to the assessee, leading to the disallowance of the loss for set off against other income. The appeal was dismissed, affirming that symbolic or constructive delivery was insufficient to exclude the transactions from being classified as speculative under Section 43(5) of the IT Act, 1961. Case-Laws Income Tax Fri, 25 Jan 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56343