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of <h1>Speculative losses can offset non-speculative profits under Income Tax law</h1> <h3>GAURI DUTT BHAGWAN DAS Versus COMMISSIONER OF INCOME TAX, U.P.</h3> The High Court held that speculative losses can be set off against profits from non-speculative business. The Income Tax Officer cannot disallow this ... - The High Court held that speculative losses can be set off against profits from non-speculative business. The Income Tax Officer cannot disallow this adjustment. The question was answered in the affirmative. Case citation: 1964 (5) TMI 51 - ALLAHABAD HIGH COURT.
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