https://www.taxtmi.com/caselaws?id=276381 The Madhya Pradesh High Court ruled that losses from speculative business cannot be set off against profits from other businesses within the head of "profits and gains of business, profession or vocation." The court interpreted section 24 proviso of the Income-tax Act, 1922, and concluded that the proviso restricts the adjustment of speculative losses against profits from other businesses under the same head. The court answered the referred question in the negative, emphasizing the specific application of the proviso to prevent such set-off. No order as to costs was made as the assessee did not appear. en-us Mon, 07 Sep 1959 00:00:00 +0530 Thu, 08 Nov 2018 15:22:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276381 The Madhya Pradesh High Court ruled that losses from speculative business cannot be set off against profits from other businesses within the head of "profits and gains of business, profession or vocation." The court interpreted section 24 proviso of the Income-tax Act, 1922, and concluded that the proviso restricts the adjustment of speculative losses against profits from other businesses under the same head. The court answered the referred question in the negative, emphasizing the specific application of the proviso to prevent such set-off. No order as to costs was made as the assessee did not appear. Case-Laws Income Tax Mon, 07 Sep 1959 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276381