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1966 (4) TMI 15 - CALCUTTA HIGH COURTBasic ingredients of speculative transactions are that the contracts are to be periodically or ultimately settled, and, the settlement would be otherwise than by actual delivery or transfer of commodity - there is no finding that there was any settlement of the contracts of purchase and sale and therefore one of the vital limbs of Expln. 2 to s. 24(1) of the IT Act is not found -transaction cannot brought within the mischief of a speculative transaction.
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