https://www.taxtmi.com/caselaws?id=6286 Contracts entered into in breach of the statutory prohibition on specified forward contracts with non-members were treated as agreements forbidden by law and therefore void, leaving no enforceable contract where the required consent, authority, and disclosure were absent. Losses from such illegal speculative transactions were not eligible for set-off under the speculative loss provision, because that provision was confined to lawful speculative dealings. At the same time, actual business losses could still be relevant in computing business profits on ordinary commercial principles under the general income provision, and the question whether the profit and loss arose from the same business was left for further determination. en-us Tue, 05 Oct 1971 00:00:00 +0530 Wed, 26 Aug 2015 10:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6286 Contracts entered into in breach of the statutory prohibition on specified forward contracts with non-members were treated as agreements forbidden by law and therefore void, leaving no enforceable contract where the required consent, authority, and disclosure were absent. Losses from such illegal speculative transactions were not eligible for set-off under the speculative loss provision, because that provision was confined to lawful speculative dealings. At the same time, actual business losses could still be relevant in computing business profits on ordinary commercial principles under the general income provision, and the question whether the profit and loss arose from the same business was left for further determination. Case-Laws Income Tax Tue, 05 Oct 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6286