https://www.taxtmi.com/caselaws?id=174238 Under the Income-tax Act, 1922, speculative loss of a registered firm was held not to be apportioned among partners under the special assessment scheme for registered firms, but to remain available to the firm for carry forward under the loss provisions. Reading sections 23 and 24 together, the Court accepted that the first proviso to section 24(1) excluded ordinary set-off, yet did not prevent carry forward under section 24(2). The firm was therefore entitled to carry forward its speculative loss and set it off against subsequent speculative profits, and the issue was answered in favour of the assessee. 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 Under the Income-tax Act, 1922, speculative loss of a registered firm was held not to be apportioned among partners under the special assessment scheme for registered firms, but to remain available to the firm for carry forward under the loss provisions. Reading sections 23 and 24 together, the Court accepted that the first proviso to section 24(1) excluded ordinary set-off, yet did not prevent carry forward under section 24(2). The firm was therefore entitled to carry forward its speculative loss and set it off against subsequent speculative profits, and the issue was answered in favour of the assessee. Case-Laws Income Tax Fri, 05 Mar 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=174238