https://www.taxtmi.com/caselaws?id=193380 Speculative loss of a registered firm was held to fall outside the computation of business income under the first proviso to section 24(1), so it could not be apportioned among the partners under the second proviso to section 24(1). The court read that proviso as confined to losses within section 24(1) and not extending to speculative loss excluded by the statutory computation scheme. Section 24(2), however, expressly covered speculative loss and permitted carry forward where it was not set off under sub-section (1); the firm was therefore entitled to carry the loss forward and set it off against subsequent speculative profits. en-us Fri, 13 Sep 1963 00:00:00 +0530 Wed, 26 Jul 2017 16:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=193380 Speculative loss of a registered firm was held to fall outside the computation of business income under the first proviso to section 24(1), so it could not be apportioned among the partners under the second proviso to section 24(1). The court read that proviso as confined to losses within section 24(1) and not extending to speculative loss excluded by the statutory computation scheme. Section 24(2), however, expressly covered speculative loss and permitted carry forward where it was not set off under sub-section (1); the firm was therefore entitled to carry the loss forward and set it off against subsequent speculative profits. Case-Laws Income Tax Fri, 13 Sep 1963 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=193380