https://www.taxtmi.com/caselaws?id=57182 Loss from purchase and sale of cotton bales was treated as speculative because actual delivery or transfer of the goods was not proved; the entries and vouchers did not establish physical delivery, so the resulting loss could not be set off against business income. The plea that the dealings formed a single transaction also failed, because the record showed separate purchase bills and separate sales to different parties on different dates, with no factual basis for treating them as one composite contract. The Tribunal therefore sustained the disallowance of the loss as speculation loss and upheld the addition. en-us Fri, 12 Jul 1985 00:00:00 +0530 Wed, 08 Dec 2010 17:51:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57182 Loss from purchase and sale of cotton bales was treated as speculative because actual delivery or transfer of the goods was not proved; the entries and vouchers did not establish physical delivery, so the resulting loss could not be set off against business income. The plea that the dealings formed a single transaction also failed, because the record showed separate purchase bills and separate sales to different parties on different dates, with no factual basis for treating them as one composite contract. The Tribunal therefore sustained the disallowance of the loss as speculation loss and upheld the addition. Case-Laws Income Tax Fri, 12 Jul 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57182