https://www.taxtmi.com/caselaws?id=236260 Normal business losses, including brought forward losses, were held to be set off against profits of speculation business because the Income-tax Act creates only an express restriction on setting off speculation losses against non-speculation income. Section 70(1) permits intra-head set-off between sources under the same head, and Section 72(1) allows carry forward of non-speculation business losses against business profits generally. Although Explanation 2 to Section 28 treats speculation business as distinct, that distinction cannot be extended beyond the statute's express limits, and no additional bar can be read in by implication. The contrary view was treated as unsustainable. en-us Thu, 06 Jun 2013 00:00:00 +0530 Wed, 21 Aug 2013 08:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=236260 Normal business losses, including brought forward losses, were held to be set off against profits of speculation business because the Income-tax Act creates only an express restriction on setting off speculation losses against non-speculation income. Section 70(1) permits intra-head set-off between sources under the same head, and Section 72(1) allows carry forward of non-speculation business losses against business profits generally. Although Explanation 2 to Section 28 treats speculation business as distinct, that distinction cannot be extended beyond the statute's express limits, and no additional bar can be read in by implication. The contrary view was treated as unsustainable. Case-Laws Income Tax Thu, 06 Jun 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=236260