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1979 (2) TMI 59 - HC - Income TaxExtract: .......y s case 1975 100 ITR 715 (SC), the transaction in question in which the assessee has earned profit could not be said to be a speculative transaction as contemplated by s. 43(5) of the I.T. Act, 1961. Consequently, the question referred to us must be answered in the negative and against the assessee. The assessee to pay the costs of this reference.
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