https://www.taxtmi.com/caselaws?id=5201 The Supreme Court dismissed all appeals, upholding the decisions of the Tribunal and the High Court. The court affirmed that under the Income-tax Act of 1961, registered firms cannot carry forward speculation losses for set off against future profits. This ruling was based on sections 73 and 75 of the Act, which specify limitations on the set off of speculation losses for registered firms. The court's decision aligned with interpretations from other High Courts, emphasizing the inapplicability of previous rulings under the 1922 Act to assessments under the 1961 Act. en-us Fri, 04 May 1979 00:00:00 +0530 Fri, 21 Nov 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5201 The Supreme Court dismissed all appeals, upholding the decisions of the Tribunal and the High Court. The court affirmed that under the Income-tax Act of 1961, registered firms cannot carry forward speculation losses for set off against future profits. This ruling was based on sections 73 and 75 of the Act, which specify limitations on the set off of speculation losses for registered firms. The court's decision aligned with interpretations from other High Courts, emphasizing the inapplicability of previous rulings under the 1922 Act to assessments under the 1961 Act. Case-Laws Income Tax Fri, 04 May 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5201