https://www.taxtmi.com/caselaws?id=191399 The proviso to section 24(1) of the Indian Income-tax Act, 1922 was treated as a substantive rule for business-income computation: speculative losses could be adjusted only against speculative profits and not against ordinary business profits. The analysis emphasised that a proviso cannot be read so widely as to defeat the main provision or make the statutory restriction ineffective. On that basis, the assessee was held not entitled to set off speculative losses against non-speculative business income, and the interpretation favoured the Revenue. en-us Fri, 16 Mar 1962 00:00:00 +0530 Sat, 01 Apr 2017 17:06:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=191399 The proviso to section 24(1) of the Indian Income-tax Act, 1922 was treated as a substantive rule for business-income computation: speculative losses could be adjusted only against speculative profits and not against ordinary business profits. The analysis emphasised that a proviso cannot be read so widely as to defeat the main provision or make the statutory restriction ineffective. On that basis, the assessee was held not entitled to set off speculative losses against non-speculative business income, and the interpretation favoured the Revenue. Case-Laws Income Tax Fri, 16 Mar 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=191399