Loss from unrealised contracts in commodities due to suspension of trading on NSEL platform was speculative loss

IT: Where on account of suspension of trading activity on NSEL platform, assessee claimed receivable from unrealised contracts in commodities as bad debts, since assessee failed to produce relevant documents to show that transactions undertaken by assessee were delivery based, Assessing Officer was justified in denying claim of assessee holding such transactions to be speculative transactions and loss arising therefrom to be speculative loss which could not be set off against normal business

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