https://www.taxtmi.com/caselaws?id=56990 Loss from share dealings was treated as speculative because the transactions lacked proof of actual and effective delivery. The relevant test under income-tax law is whether the contract is settled otherwise than by actual delivery or transfer, and actual delivery means real, not notional or constructive, delivery. As the shares were routed through brokers but not shown to have been transferred into the assessee's name or settled by genuine delivery, the loss was not allowable as a normal business loss and was characterised as speculative loss. en-us Thu, 28 Jan 1999 00:00:00 +0530 Tue, 07 Dec 2010 16:49:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56990 Loss from share dealings was treated as speculative because the transactions lacked proof of actual and effective delivery. The relevant test under income-tax law is whether the contract is settled otherwise than by actual delivery or transfer, and actual delivery means real, not notional or constructive, delivery. As the shares were routed through brokers but not shown to have been transferred into the assessee's name or settled by genuine delivery, the loss was not allowable as a normal business loss and was characterised as speculative loss. Case-Laws Income Tax Thu, 28 Jan 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56990