Contract Cancellation Loss Allowed Despite Initial Speculative Classification u/s 43(5) of Income Tax Act.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Allowance of loss arising on cancellation of contract due to price fluctuation where no actual delivery of cotton commodity - treating a loss to be speculative in nature u/s. 43(5) - these transactions are only 4% of the total transactions forming part of the regular business - claim of loss allowed - AT....