https://www.taxtmi.com/caselaws?id=276378 The note addresses whether losses from speculative transactions are allowable against profits from other businesses and applies statutory scheme and the proviso that governs computation of business profits. It explains that the proviso prescribes the mode of computing profits and gains by excluding speculative losses from ordinary business profit computation and permitting set-off only against profits of another speculative business. The legal point: speculative-business losses are not deductible against non speculative business profits under the computation rule embodied in the proviso, so such claims are to be rejected except as expressly permitted by the proviso. 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 note addresses whether losses from speculative transactions are allowable against profits from other businesses and applies statutory scheme and the proviso that governs computation of business profits. It explains that the proviso prescribes the mode of computing profits and gains by excluding speculative losses from ordinary business profit computation and permitting set-off only against profits of another speculative business. The legal point: speculative-business losses are not deductible against non speculative business profits under the computation rule embodied in the proviso, so such claims are to be rejected except as expressly permitted by the proviso. Case-Laws Income Tax Wed, 17 Feb 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276378