https://www.taxtmi.com/caselaws?id=188804 Speculative losses could not be set off against commission income where the speculative dealings and the commission agency activity were separate and distinct businesses; the loss had to remain confined to the speculative business and the claim for cross-set-off failed. Commission paid to outside agents for the assessee's own forward transactions was also required to be debited in computing the profit or loss of those speculative transactions, not separately allowed against commission receipts. The Tribunal's factual finding that the two activities were distinct supported this treatment, and all referred questions were answered against the assessee and in favour of the Revenue. en-us Tue, 09 Mar 1965 00:00:00 +0530 Sat, 17 Dec 2016 11:12:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=188804 Speculative losses could not be set off against commission income where the speculative dealings and the commission agency activity were separate and distinct businesses; the loss had to remain confined to the speculative business and the claim for cross-set-off failed. Commission paid to outside agents for the assessee's own forward transactions was also required to be debited in computing the profit or loss of those speculative transactions, not separately allowed against commission receipts. The Tribunal's factual finding that the two activities were distinct supported this treatment, and all referred questions were answered against the assessee and in favour of the Revenue. Case-Laws Income Tax Tue, 09 Mar 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=188804