https://www.taxtmi.com/caselaws?id=5096 Speculative transactions were treated as a distinct business for income-tax computation, and the first proviso to section 24(1) barred speculative losses from being deducted against ordinary business profits except to the extent of speculative gains. The statutory language was held to be clear and left no room for adjusting speculative losses against non-speculative business income under section 10. The principle stated was therefore applied against the assessee and in favour of the Revenue. en-us Fri, 02 Aug 1968 00:00:00 +0530 Thu, 23 Nov 2017 15:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5096 Speculative transactions were treated as a distinct business for income-tax computation, and the first proviso to section 24(1) barred speculative losses from being deducted against ordinary business profits except to the extent of speculative gains. The statutory language was held to be clear and left no room for adjusting speculative losses against non-speculative business income under section 10. The principle stated was therefore applied against the assessee and in favour of the Revenue. Case-Laws Income Tax Fri, 02 Aug 1968 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5096