https://www.taxtmi.com/caselaws?id=193380 The court held that speculative losses incurred by a registered firm are not liable to be apportioned among the partners. Instead, the firm is entitled to carry forward these losses and set them off against future speculative profits. The court's interpretation harmonized the provisions of section 24(1) and section 24(2), ensuring that speculative losses are appropriately accounted for in the computation of taxable income. The court's decision was in line with established legal principles and supported by precedents from various High Courts. 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 The court held that speculative losses incurred by a registered firm are not liable to be apportioned among the partners. Instead, the firm is entitled to carry forward these losses and set them off against future speculative profits. The court's interpretation harmonized the provisions of section 24(1) and section 24(2), ensuring that speculative losses are appropriately accounted for in the computation of taxable income. The court's decision was in line with established legal principles and supported by precedents from various High Courts. Case-Laws Income Tax Fri, 13 Sep 1963 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=193380