https://www.taxtmi.com/caselaws?id=238193 Brought forward business loss can be set off only in accordance with the character in which it was assessed, and speculative loss cannot be adjusted against non-speculative business income. The assessee cannot reclassify earlier years' assessed loss as a different category for set-off. However, where the current year's profit is itself from speculation business, set-off is available to that extent. The Assessing Officer must verify the character of the current year income, and the assessee bears the burden of proving the factual basis for the claim. en-us Mon, 14 Oct 2013 00:00:00 +0530 Fri, 18 Oct 2013 13:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=238193 Brought forward business loss can be set off only in accordance with the character in which it was assessed, and speculative loss cannot be adjusted against non-speculative business income. The assessee cannot reclassify earlier years' assessed loss as a different category for set-off. However, where the current year's profit is itself from speculation business, set-off is available to that extent. The Assessing Officer must verify the character of the current year income, and the assessee bears the burden of proving the factual basis for the claim. Case-Laws Income Tax Mon, 14 Oct 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=238193