https://www.taxtmi.com/caselaws?id=193217 Speculative business losses were held not to be set off against profits from non-speculative business under the Indian Income-tax Act, 1922. The court treated the first proviso to section 24(1) as a substantive provision operating with section 10, intended to prevent speculative losses from reducing taxable income outside speculative . On that construction, speculative loss could be adjusted only against speculative profits, and the reference was answered in the negative and against the assessee. en-us Tue, 13 Feb 1962 00:00:00 +0530 Wed, 19 Jul 2017 10:08:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=193217 Speculative business losses were held not to be set off against profits from non-speculative business under the Indian Income-tax Act, 1922. The court treated the first proviso to section 24(1) as a substantive provision operating with section 10, intended to prevent speculative losses from reducing taxable income outside speculative . On that construction, speculative loss could be adjusted only against speculative profits, and the reference was answered in the negative and against the assessee. Case-Laws Income Tax Tue, 13 Feb 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=193217