Forgot password
New User/ Regiser
⇒ Register to get Live Demo
1983 (7) TMI 1 - SC - Income Tax
A transaction cannot be described as a `speculative transaction` within the meaning of sub-s. (5) of s. 43, IT Act, 1961, where there is a breach of the contract and on a dispute between the parties damages are awarded as compensation by an arbitration award - hence, Tribunal was right in confirming the order of the AAC that the loss suffered by the assessee was not a loss incurred in a speculative transaction within the meaning of s. 43(5)