https://www.taxtmi.com/caselaws?id=174238 The Bombay High Court held that a registered firm can carry forward speculative losses from a previous year and set them off against speculative profits in a subsequent year. The court relied on the interpretation of relevant provisions of the Income-tax Act, 1922, particularly sections 23 and 24. Following the Gujarat High Court's decision, the court emphasized the general practice of following decisions of other High Courts in income-tax matters for consistency. The court's decision favored the assessee's position, allowing for the carry-forward and set-off of speculative losses, despite acknowledging the Revenue's contrary arguments. en-us Fri, 05 Mar 1965 00:00:00 +0530 Mon, 05 Oct 2015 10:24:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=174238 The Bombay High Court held that a registered firm can carry forward speculative losses from a previous year and set them off against speculative profits in a subsequent year. The court relied on the interpretation of relevant provisions of the Income-tax Act, 1922, particularly sections 23 and 24. Following the Gujarat High Court's decision, the court emphasized the general practice of following decisions of other High Courts in income-tax matters for consistency. The court's decision favored the assessee's position, allowing for the carry-forward and set-off of speculative losses, despite acknowledging the Revenue's contrary arguments. Case-Laws Income Tax Fri, 05 Mar 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=174238