https://www.taxtmi.com/caselaws?id=61070 The Tribunal held that the claimed loss on the purchase and sale of cotton through a third party was genuine, not bogus, as evidenced by proper documentation. Additionally, the Tribunal ruled that the loss did not represent a speculative transaction since it was a solitary transaction and did not constitute a speculative business under the relevant legal provisions. Therefore, the Tribunal allowed the appeal in favor of the assessee, directing the adjustment of the loss against the other business income for the year. en-us Fri, 07 Jan 1977 00:00:00 +0530 Mon, 10 Jan 2011 17:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61070 The Tribunal held that the claimed loss on the purchase and sale of cotton through a third party was genuine, not bogus, as evidenced by proper documentation. Additionally, the Tribunal ruled that the loss did not represent a speculative transaction since it was a solitary transaction and did not constitute a speculative business under the relevant legal provisions. Therefore, the Tribunal allowed the appeal in favor of the assessee, directing the adjustment of the loss against the other business income for the year. Case-Laws Income Tax Fri, 07 Jan 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61070