Held that Loss on account of reversal of oral contract for supply of wheat is held to be speculative loss. Loss cannot be set off against business income. (AY. 2013-14)
Gopal Agrawal HUF v. ITO (2021) 91 ITR 80 (SMC) (SN) (Jabalpur)(Trib.)
S. 43(5) : Speculative transaction-Sauda settlement for want of substantiation-Loss on account of reversal of oral contract for supply of wheat-Speculative loss-loss cannot be set off against business income. [S. 28]