https://www.taxtmi.com/caselaws?id=6821 A debt written off after speculative transactions was treated as a speculative business loss, even though claimed as a bad debt deduction under section 10(2)(xi) of the Indian Income-tax Act, 1922. The first proviso to section 24(1) was construed as governing the computation of gains and losses in speculative business generally, so the loss could be set off only against speculative profits. In the absence of sufficient speculative profits, it could not be adjusted against non-speculative business income and had to be carried forward under the proviso. en-us Wed, 08 Feb 1967 00:00:00 +0530 Mon, 02 Feb 2009 12:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6821 A debt written off after speculative transactions was treated as a speculative business loss, even though claimed as a bad debt deduction under section 10(2)(xi) of the Indian Income-tax Act, 1922. The first proviso to section 24(1) was construed as governing the computation of gains and losses in speculative business generally, so the loss could be set off only against speculative profits. In the absence of sufficient speculative profits, it could not be adjusted against non-speculative business income and had to be carried forward under the proviso. Case-Laws Income Tax Wed, 08 Feb 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6821