State the meaning assigned to "Speculative Transaction" under the Income Tax Act, 1961. Explain with brief reasons whether the following are in the nature of speculative transactions: (ii) Forward contract.

ii) Forward contract; In terms of Clause (c) of Proviso to Section 43(5), a contract entered into by a member of a forward market or stock exchange in the course of any transaction in the nature of jobbing or arbitrage to guard against any loss which may arise in the ordinary course of the business as a member is not in the nature of a speculative transaction.