https://www.taxtmi.com/caselaws?id=5226 An accrued right to carry forward and set off speculation losses under the repealed 1922 Act survived the transition to the 1961 Act because repeal does not extinguish vested rights unless the later statute does so expressly or by necessary implication. Section 297(2) of the 1961 Act did not clearly abolish that right, and section 75(2) did not indicate a contrary intention for registered firms. Applying section 6(c) of the General Clauses Act, the court held that the assessee could set off earlier speculation losses against speculation profits for assessment year 1962-63. en-us Tue, 14 Apr 1987 00:00:00 +0530 Wed, 29 Oct 2025 14:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5226 An accrued right to carry forward and set off speculation losses under the repealed 1922 Act survived the transition to the 1961 Act because repeal does not extinguish vested rights unless the later statute does so expressly or by necessary implication. Section 297(2) of the 1961 Act did not clearly abolish that right, and section 75(2) did not indicate a contrary intention for registered firms. Applying section 6(c) of the General Clauses Act, the court held that the assessee could set off earlier speculation losses against speculation profits for assessment year 1962-63. Case-Laws Income Tax Tue, 14 Apr 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5226