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2020 (3) TMI 1025 - HC - Income TaxAddition of speculation loss - Payment of damages made - monetary loss for the breach of contract and the settlement of the contract - whether it would not fall within the purview of Section 43(5)? - Whether the nature of compensation for breach of contract, whether speculation or otherwise can be determined irrespective of the nature of contract breached? - HELD THAT:- The dictum as laid down in Shantilal [1983 (7) TMI 1 - SUPREME COURT] is that the award of damages for the breach of a contract is not the same thing as a party to the contract except the satisfaction of the contract otherwise than in accordance with the original terms thereof. In view of the aforesaid, it is difficult to accept the submission of the learned standing counsel appearing for the Revenue that the case is one of a “speculative transaction” within the meaning of Section 43(5) of the Act. No substantial questions of law
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