https://www.taxtmi.com/caselaws?id=183000 An accrued right to carry forward and set off speculation loss was treated as a vested substantive right, and the later amendment reducing the carry-forward period from eight assessment years to four operated prospectively. Because the amendment did not expressly or by necessary implication extinguish losses computed for earlier years, section 73(4) was held to preserve the assessee's pre-existing entitlement. The provision was also read as governing carry forward to future years, not the set-off of loss already brought forward from prior years. The disallowance was therefore unsustainable, and the assessee was entitled to set off the brought-forward speculation loss against speculation profits in the year under consideration. en-us Mon, 31 May 2010 00:00:00 +0530 Wed, 25 May 2016 18:53:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=183000 An accrued right to carry forward and set off speculation loss was treated as a vested substantive right, and the later amendment reducing the carry-forward period from eight assessment years to four operated prospectively. Because the amendment did not expressly or by necessary implication extinguish losses computed for earlier years, section 73(4) was held to preserve the assessee's pre-existing entitlement. The provision was also read as governing carry forward to future years, not the set-off of loss already brought forward from prior years. The disallowance was therefore unsustainable, and the assessee was entitled to set off the brought-forward speculation loss against speculation profits in the year under consideration. Case-Laws Income Tax Mon, 31 May 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=183000