https://www.taxtmi.com/caselaws?id=220807 Brought forward speculation losses were to be adjusted first against speculation profits before set-off against other current losses and incomes, because a beneficial CBDT circular relaxing the statutory rigour remained binding on income-tax authorities. The circular, though issued under the 1922 Act, continued to apply since it had not been withdrawn and the relevant provisions of the old and new enactments were not materially different for this purpose. The Tribunal's approach, following the Commissioner (Appeals), was therefore consistent with the settled legal position, and the revenue's challenge failed. en-us Thu, 07 Feb 2013 00:00:00 +0530 Sat, 26 Oct 2013 13:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=220807 Brought forward speculation losses were to be adjusted first against speculation profits before set-off against other current losses and incomes, because a beneficial CBDT circular relaxing the statutory rigour remained binding on income-tax authorities. The circular, though issued under the 1922 Act, continued to apply since it had not been withdrawn and the relevant provisions of the old and new enactments were not materially different for this purpose. The Tribunal's approach, following the Commissioner (Appeals), was therefore consistent with the settled legal position, and the revenue's challenge failed. Case-Laws Income Tax Thu, 07 Feb 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=220807