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M.K.CHATURVEDI, G.SANTHANAM
Sanjiv Kumar Dhanji – Appellant
Versus
Income-tax Officer – Respondent
Per Sri G. Santhanam, Accountant Member - In these appeals, two by the assessee and one by the revenue, common issues are involved and for the sake of convenience, they are disposed of in a consolidated order.
2. The first point at issue in the appeals for the assessment year 1981-82 is whether the loss claimed by the assessee in a sum of Rs. 8,28,780 is a speculative loss and as such should be allowed only against profits and gains from speculation business.
3. The assessee is a registered firm dealing in import of edible oil and palm stearin oil for sale in the local market. Besides, it is also engaged in the crushing of castor seeds and thus producing castor oil for sale in the market. In addition, it dealt in R.B.D. palm oil also. During the previous year ending on 31-3-1981, it entered into a contract for the import of 500 MTs of palm stearin oil for US $ 417.50 per MT, C.I.F. Bombay, with M/s Manilal & Sons (Pte) Ltd., Singapore, on 17-10-1980. One of the terms of the contract was to open a confirmed irrevocable unrestricted letter of credit to be established by the assessee in favour of the seller on Bank of India, Singapore, for 100% value, by 22-10-1980, and the letter
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