https://www.taxtmi.com/caselaws?id=6822 Speculative activity carried on as a business was treated as a distinct business for income-tax computation, so the net loss from speculative transactions could not be set off against profits of non-speculative business income under the Income-tax Act, 1922. Interest paid on borrowings used for speculative transactions was also treated as part of that speculative business computation, where it could only increase the speculative loss or reduce speculative profits, and could not be deducted from non-speculative business profits. Both referred questions were answered against the assessee and in favour of the Revenue. en-us Tue, 07 Mar 1967 00:00:00 +0530 Mon, 02 Feb 2009 12:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6822 Speculative activity carried on as a business was treated as a distinct business for income-tax computation, so the net loss from speculative transactions could not be set off against profits of non-speculative business income under the Income-tax Act, 1922. Interest paid on borrowings used for speculative transactions was also treated as part of that speculative business computation, where it could only increase the speculative loss or reduce speculative profits, and could not be deducted from non-speculative business profits. Both referred questions were answered against the assessee and in favour of the Revenue. Case-Laws Income Tax Tue, 07 Mar 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6822