https://www.taxtmi.com/caselaws?id=274747 The article clarifies that the proviso restricting allowance of losses from speculative transactions functions as a limitation on the set-off mechanism at the aggregation stage and does not alter the statutory computation of business profits. Consequently, for the purpose of computing profits and gains under section 10(1) the loss from speculative transactions is to be treated within business-profit computation and may be set off against profits from other business activities; the proviso instead governs only post-computation set-off under section 24(1). en-us Tue, 14 Apr 1964 00:00:00 +0530 Fri, 31 Aug 2018 17:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=274747 The article clarifies that the proviso restricting allowance of losses from speculative transactions functions as a limitation on the set-off mechanism at the aggregation stage and does not alter the statutory computation of business profits. Consequently, for the purpose of computing profits and gains under section 10(1) the loss from speculative transactions is to be treated within business-profit computation and may be set off against profits from other business activities; the proviso instead governs only post-computation set-off under section 24(1). Case-Laws Income Tax Tue, 14 Apr 1964 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=274747