https://www.taxtmi.com/caselaws?id=276378 The first proviso to section 24(1) of the Income-tax Act, 1922 was held to be a substantive computation rule, not merely a set-off provision confined to section 24. On the statutory scheme and the proviso's wording, loss from speculative transactions had to be excluded when computing business profits under section 10, except to the extent of speculative profits. Accordingly, speculative loss could not be adjusted against non-speculative business income, and the reference was answered against the assessee and in favour of the Revenue. en-us Wed, 17 Feb 1960 00:00:00 +0530 Thu, 08 Nov 2018 15:12:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276378 The first proviso to section 24(1) of the Income-tax Act, 1922 was held to be a substantive computation rule, not merely a set-off provision confined to section 24. On the statutory scheme and the proviso's wording, loss from speculative transactions had to be excluded when computing business profits under section 10, except to the extent of speculative profits. Accordingly, speculative loss could not be adjusted against non-speculative business income, and the reference was answered against the assessee and in favour of the Revenue. Case-Laws Income Tax Wed, 17 Feb 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276378