Aggregation of income: rules for combining source incomes and treating negative nets as nil with unabsorbed losses. Income within each head is determined by aggregating all source incomes for the financial year. Capital gains are aggregated and offset against unabsorbed preceding-year capital losses, with negative nets treated as nil and recorded as unabsorbed current capital losses. Non-speculative and speculative business incomes are separately aggregated; speculative gross income is offset against preceding-year speculative losses and negative results are carried as unabsorbed current speculative losses. Income from horse racing is aggregated with preceding losses and treated similarly, while specified other incomes are aggregated as income from residuary sources.
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Provisions expressly mentioned in the judgment/order text.
Aggregation of income: rules for combining source incomes and treating negative nets as nil with unabsorbed losses.
Income within each head is determined by aggregating all source incomes for the financial year. Capital gains are aggregated and offset against unabsorbed preceding-year capital losses, with negative nets treated as nil and recorded as unabsorbed current capital losses. Non-speculative and speculative business incomes are separately aggregated; speculative gross income is offset against preceding-year speculative losses and negative results are carried as unabsorbed current speculative losses. Income from horse racing is aggregated with preceding losses and treated similarly, while specified other incomes are aggregated as income from residuary sources.
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