https://www.taxtmi.com/caselaws?id=274747 Section 10 of the Indian Income-tax Act, 1922 governs computation of business profits, while section 24(1) applies later, at the stage of setting off losses against income under other heads in determining total income. The proviso to section 24(1) was treated as a limitation on the set-off mechanism alone and not as a restriction on the computation of business income under section 10. On that basis, speculative loss could be set off against profits from another business activity only to the extent permitted by the proviso when section 24(1) was applied. 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 Section 10 of the Indian Income-tax Act, 1922 governs computation of business profits, while section 24(1) applies later, at the stage of setting off losses against income under other heads in determining total income. The proviso to section 24(1) was treated as a limitation on the set-off mechanism alone and not as a restriction on the computation of business income under section 10. On that basis, speculative loss could be set off against profits from another business activity only to the extent permitted by the proviso when section 24(1) was applied. Case-Laws Income Tax Tue, 14 Apr 1964 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=274747