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1973 (3) TMI 31 - HC - Income TaxAssessee did not give or take actual delivery of yarn but the contracts were cancelled. The assessee paid a sum in respect of all these contracts and claimed these amounts at business losses incurred by him - Whether speculative transactions during the course of assessee's business can be treated as speculation business and loss in such transactions can be allowed against other business income - we are unable to accept the contention of the learned counsel for the assessee that the losses incurred in respect of these transactions did not constitute losses in speculation business - In view of our finding that the losses were incurred in a speculation business, the prohibition contained in section 73 operates. The question whether the losses incurred in a speculative transaction which is not in the nature of a business could be set off against the income from the other business of the assessee, therefore, does not arise.
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