https://www.taxtmi.com/caselaws?id=9260 Under the Income-tax Act, 1961, a registered firm cannot carry forward speculation loss of an earlier year and set it off against speculation profits of a later year. Section 73 governs speculation losses, and section 75(2) contains an express bar against a registered firm carrying forward and setting off its losses under sections 72, 73 and 74. The position under the 1922 Act was distinguishable because it depended on apportionment of loss among partners, a feature absent in the 1961 scheme. Section 182(2) was also consistent with this approach, as only a partner's share of loss could be carried forward and set off under sections 70 to 75. en-us Thu, 30 Aug 1973 00:00:00 +0530 Sat, 20 Jun 2009 16:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9260 Under the Income-tax Act, 1961, a registered firm cannot carry forward speculation loss of an earlier year and set it off against speculation profits of a later year. Section 73 governs speculation losses, and section 75(2) contains an express bar against a registered firm carrying forward and setting off its losses under sections 72, 73 and 74. The position under the 1922 Act was distinguishable because it depended on apportionment of loss among partners, a feature absent in the 1961 scheme. Section 182(2) was also consistent with this approach, as only a partner's share of loss could be carried forward and set off under sections 70 to 75. Case-Laws Income Tax Thu, 30 Aug 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9260