https://www.taxtmi.com/caselaws?id=190808 On a true interpretation of section 10 and section 24(1) of the Income-tax Act, 1922, with the first proviso, speculative loss could not be set off against profits from non-speculative business. The proviso inserted by section 3 of the Finance Act, 1953 was treated as a substantive restriction on the computation of business income, excluding speculative losses except to the extent of speculative profits. Earlier High Court reasoning on the point was accepted, and the later scheme of the Income-tax Act, 1961, including section 73, was noted as consistent with that reading. The assessee's claim to set off the loss was rejected and the question was answered in favour of the Revenue. en-us Tue, 14 Nov 1961 00:00:00 +0530 Tue, 28 Feb 2017 17:13:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=190808 On a true interpretation of section 10 and section 24(1) of the Income-tax Act, 1922, with the first proviso, speculative loss could not be set off against profits from non-speculative business. The proviso inserted by section 3 of the Finance Act, 1953 was treated as a substantive restriction on the computation of business income, excluding speculative losses except to the extent of speculative profits. Earlier High Court reasoning on the point was accepted, and the later scheme of the Income-tax Act, 1961, including section 73, was noted as consistent with that reading. The assessee's claim to set off the loss was rejected and the question was answered in favour of the Revenue. Case-Laws Income Tax Tue, 14 Nov 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=190808