https://www.taxtmi.com/caselaws?id=8771 The court ruled against the assessee, holding that a registered firm cannot carry forward speculation business losses for set off against future profits in speculation business. The court interpreted sections 70 to 75 of the Income-tax Act, emphasizing that section 73 allows set off of speculation business losses only against speculation business profits in subsequent years. The court applied section 75(2) to restrict registered firms from carrying forward such losses, rejecting the assessee's argument. The judgment upheld the Appellate Tribunal's decision and directed the parties to bear their costs. en-us Fri, 14 Jul 1972 00:00:00 +0530 Wed, 03 Jun 2009 18:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8771 The court ruled against the assessee, holding that a registered firm cannot carry forward speculation business losses for set off against future profits in speculation business. The court interpreted sections 70 to 75 of the Income-tax Act, emphasizing that section 73 allows set off of speculation business losses only against speculation business profits in subsequent years. The court applied section 75(2) to restrict registered firms from carrying forward such losses, rejecting the assessee's argument. The judgment upheld the Appellate Tribunal's decision and directed the parties to bear their costs. Case-Laws Income Tax Fri, 14 Jul 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8771