https://www.taxtmi.com/caselaws?id=5109 A deemed benefit on remission of a trading liability under section 10(2A) of the Income-tax Act, 1922 retains the character of the underlying liability when the liability arose from speculative transactions. The legal fiction treating the remission as profits and gains of business must be carried to its logical conclusion, so the notional income is attributable to the same speculative business from which the liability originated. The resulting amount was therefore treated as speculative income and could be set off against speculation loss, with the outcome in favour of the assessee. en-us Thu, 05 Sep 1968 00:00:00 +0530 Thu, 20 Nov 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5109 A deemed benefit on remission of a trading liability under section 10(2A) of the Income-tax Act, 1922 retains the character of the underlying liability when the liability arose from speculative transactions. The legal fiction treating the remission as profits and gains of business must be carried to its logical conclusion, so the notional income is attributable to the same speculative business from which the liability originated. The resulting amount was therefore treated as speculative income and could be set off against speculation loss, with the outcome in favour of the assessee. Case-Laws Income Tax Thu, 05 Sep 1968 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5109