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of <h1>Supreme Court Overturns High Court Decision on Deduction of Speculative Loss</h1> The Supreme Court allowed the appeal against the Allahabad High Court's decision regarding the deduction of a speculative loss from other business income ... Loss on account of speculation in gold, silver, etc., - whether said speculative loss should be deducted from his other business income - Held, no The Supreme Court allowed the appeal against the decision of the Allahabad High Court in a case where the assessee claimed a speculative loss to be deducted from other business income for income-tax assessment. The High Court's decision was set aside based on a previous ruling by the Supreme Court.
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